If your client dies before taking retirement income, his or her accumulation will be paid to the contract’s designated beneficiary or beneficiaries. You must notify us of a participant’s death in order to process any beneficiary/survivor benefits.
You can notify us of a participant’s death via the following methods:
We do not accept death notifications by email.
Once notified of a participant’s death, we’ll send the beneficiary an information package, usually within five working days, including a request for an original death certificate. Once the beneficiary has decided among the choices for taking survivor benefits, we’ll send the appropriate application and forms.
If your client participated in an employee retirement plan at the time of death, we will send the employer a final contribution letter requesting the dates and amounts of any contribution from the final month’s salary. It also asks the institution to guarantee payment of contributions we haven’t received them by the time other required information comes in. If the guarantee is provided, we’ll pay the survivor benefits before we receive the final contribution. If not, survivor benefits will be delayed until we receive the funds.
Any contributions paid after your client’s death are limited by the employer’s plan provisions. No extra contributions are permitted, and we must receive all outstanding contributions within three months of the participant’s death.
Your client’s beneficiaries can choose from several payment options:
Normally, most if not all of an annuity accumulation is fully taxable when the beneficiary receives it. Contributions made by the employer and earnings attributable to them are taxable. Any tax-free portion would be made up of salary deduction (after-tax) contributions and any direct personal contributions the participant made to the TIAA and CREF contracts.
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