For IPERS Beneficiaries

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If the Member’sRetirement BenefitWas Paid as an…Option 5:120-Month TermCertain AnnuityOption 6:100%, 75%, 50%,or 25% Joint andSurvivor AnnuityWith Pop-UpAnnuityThe Beneficiary Benefits Are…If the member dies before receiving120 payments, the beneficiary will beeligible for a benefit. If the member alreadyreceived 120 or more payments at thetime of death, no payments will be madeto a beneficiary.If the beneficiary is an individual, thebeneficiary will receive a monthly benefitfor 120 months minus the number ofpayments the member received.If the beneficiary is several individuals, atrust, or an estate, payments will be madeas a lump sum.A monthly benefit for the remainder ofthe beneficiary’s life in the amount of100%, 75%, 50%, or 25% (based on themember’s election) of the monthly benefitthe member was receiving before his orher death.Please Note: Special Service members (sheriffs, deputy sheriffs, and manyother protection occupations) have an additional payment option available thatis not described above. Contact IPERS for more information.8 For IPERS Beneficiaries
ExampleJoe retires 2 months before his 59th birthday after working in IPERScoveredemployment for 21 years and earning a high 3-year averagesalary of $42,014.26. His wife is age 60 and 10 months. His IPERScontributions plus interest total $44,563.91. Here’s the amount of hisbenefit and the death benefit payable to his wife under each option.Monthly Benefit Payable to Joe: $1,301.79Monthly Benefit Payable to Joe’s Wife in the Event of HisDeath After 24 Months: $1,301.79 for 96 months; thereafter,no benefits payable.ORAssuming Joe had multiple beneficiaries, the lump sum payableif Joe dies after 24 months of pension payments is $97,600.52.Monthly Benefit Payable to Joe:100% 75% 50% 25%$1,157.91 $1,197.43 $1,239.75 $1,285.16Monthly Benefit Payable to Joe’s Wife in theEvent of His Death:100% 75% 50% 25%$1,157.91 $898.07 $619.87 $321.29Information About IPERS Death Benefits9
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