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Survivor Benefits Brochure

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Survivor Benefits Brochure Survivor Benefits For members enrolled in the Defined Benefit Plan 2021|2022 Survivor Benefits OverviewDEFINED BENEFIT PLAN Table of Contents Survivor benefits are among the most important benefits STRS Ohio provides to its members. Once Survivor Benefits Overview ...................................................1 a member meets certain eligibility requirements, Survivor benefits offered under the Defined Benefit Plan ...........2 valuable benefits are in place for qualified survivors. These benefits can help to reduce some of the Qualified survivors ......................................................................3 financial uncertainty created by the loss of a loved Dependent-based benefit ...........................................................4 one. Service-based benefit .................................................................7 This brochure describes benefits available to Retirement-based benefit ........................................................10 survivors of STRS Ohio members who die before Partial Lump-Sum Option Plan .................................................13 retiring and who participated in the Defined Benefit Plan. For information about benefits payable to Taxes on survivor benefits .........................................................15 survivors of members who die after retiring, please Important considerations .........................................................16 see the Service Retirement and Plans of Payment brochure for members enrolled in the Defined Account withdrawal in lieu of benefits .....................................17 Benefit Plan. Monthly payments vs. account withdrawal ..............................18 Requesting an estimate ............................................................20 Beneficiaries .............................................................................21 STRS Ohio Resources ............................................................23 This brochure is a summary written in plain language for use by STRS Ohio members. It is not intended as a substitute for the Ohio Revised Code or the Ohio Administrative Code or for any state or federal law or regulation, nor will its interpretation prevail should a conflict arise between it and any law or regulation. More information may be obtained by contacting STRS Ohio toll-free at 888-227-7877. www.strsoh.org 888-227-7877 1 DEFINED BENEFIT PLAN DEFINED BENEFIT PLAN Survivor benefits offered under the If a sole qualified survivor is eligible for more than one type of benefit, this survivor may elect which benefit Defined Benefit Plan he or she wants to receive. There are three types of monthly benefits available to If there are one or more children who are qualified your qualified survivors. The amount payable to qualified survivors, the primary beneficiary must select between survivors (see Page 3) depends on specific eligibility the dependent-based and the service-based benefit. requirements. However, once the children no longer qualify for 1. Dependent-based benefit benefits (due to age or marital status, for example), This benefit is payable when a member dies the primary beneficiary may change to the retirement- before service retirement. Existing members as based benefit, provided the deceased member was of June 30, 2013, must have at least 1.50 years of eligible for retirement at death. qualifying service credit* before death. New members In providing estimates, STRS Ohio will assume on or after July 1, 2013, must have at least 5.00 years a qualified survivor wants to receive the benefit of qualifying service credit before death. The benefit providing the highest monthly payment unless directed is based on the final average salary and number otherwise. of qualified survivors. For additional details and requirements, see Page 4. 2. Service-based benefit Qualified survivors This benefit is payable when a member with 20 Only qualified survivors are eligible for monthly or more years of service credit dies before service benefits assuming all other eligibility requirements for retirement. The benefit is based on the final average monthly benefits are met. Qualified survivors are as salary and service credit. For additional details and follows: requirements, see Page 7. 3. Retirement-based benefit Spouse This benefit is payable when a member who is For dependent-based or service-based benefits, the eligible for retirement dies before actually retiring spouse of a deceased member is a qualified survivor with STRS Ohio and there are no children who are if the: qualified survivors. The benefit is based on the service • Member had 10 or more years of credit (for retirement benefit calculation (age, years of service dependent-based benefits); or credit and final average salary) in effect at the time of the member’s death. For additional details and • Spouse cares for the deceased member’s qualified requirements, see Page 10. children; or • Spouse is at least 62 years old; or If a member’s death occurs 27 months (for existing members as of June 30, 2013) or 12 months (for new • Spouse is mentally or physically incapacitated. members on or after July 1, 2013) after the member’s For retirement-based benefits, the spouse of a last contributing service and the member was not deceased member is a qualified survivor if the receiving a disability benefit, the retirement-based member was eligible for service retirement before benefit plan is the only plan which allows monthly the date of death. benefits to be paid to the member’s surviving spouse or a designated financially dependent beneficiary. *Qualifying service credit includes earned credit with STRS Ohio, Ohio Public Employees Retirement System (OPERS) or School Employees Retirement System (SERS); restored withdrawn credit with STRS Ohio, OPERS or SERS; interrupted Ohio public service due to military service; and earned and restored credit that transfers from Ohio Police & Fire Pension Fund, Highway Patrol Retirement System or Cincinnati Retirement System. 2 www.strsoh.org 888-227-7877 3 DEFINED BENEFIT PLAN DEFINED BENEFIT PLAN Children qualified survivors continues for up to 27 months Children (including legally adopted children) of a following the member’s last contributing service. deceased member are qualified survivors if they are: New member on or after July 1, 2013 • Under age 22 and never married; or • Has 5.00 years of qualifying service credit* before • Any age, never married, physically or mentally death; and incapacitated before age 22 and have remained • Date of death is no more than one year from continuously incapacitated. the last date of service; or was receiving a disability benefit at the time of death; or received a Dependent parent disability benefit within the last 12 months and was A parent of a deceased member is a qualified survivor contributing to STRS Ohio, OPERS or SERS at the if the parent is at least age 65 and received at least time of death. one-half of his or her support from the member during • Provided the account has not been withdrawn, the 12-month period before the member’s death. eligibility for dependent-based monthly benefits for qualified survivors continues for up to 12 months Effective date of benefit following the member’s last contributing service. For qualified survivors, benefits are effective the Monthly survivor benefits are determined according to first of the month after the date of death unless the the number of qualified survivors. These benefits are application is filed more than 12 months after the date payable as a percentage of final average salary (FAS), of death, then benefits are effective the first of the which is the average of the member’s five highest month after the application is received. fiscal years of earnings,regardless of when they occur. The percentages are as follows: Dependent-based benefit Number of Percentage of The dependent-based benefit is payable to qualified Qualified Survivors Final Average Salary survivors when the member dies after meeting the 1 25% following member requirements: 2 40% Existing member as of June 30, 2013 3 50% • Has 1.50 years of qualifying service credit* 4 55% before death; and 5 or more 60% • Earned a quarter of a year of service credit within the 30-month period preceding death; or was If contributions were made for less than the FAS receiving a disability benefit at the time of death; period, total compensation is divided by the total or received a disability benefit within the last 12 number of years of service in the member’s account to months and was contributing to STRS Ohio, Ohio calculate the FAS. Public Employees Retirement System (OPERS) or School Employees Retirement System (SERS) The surviving spouse receives 25% of the FAS and the at the time of death. balance of the total survivor benefit is divided equally among the remaining qualified survivors. If there is no • Provided the account has not been withdrawn, surviving spouse, the benefit is divided equally among eligibility for dependent-based monthly benefits for the qualified survivors. *Qualifying service credit includes earned credit with STRS Ohio, Ohio Public Employees *Qualifying service credit includes earned credit with STRS Ohio, Ohio Public Employees Retirement System (OPERS) or School Employees Retirement System (SERS); restored Retirement System (OPERS) or School Employees Retirement System (SERS); restored withdrawn credit with STRS Ohio, OPERS or SERS; interrupted Ohio public service due withdrawn credit with STRS Ohio, OPERS or SERS; interrupted Ohio public
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