§ 21463 Beneficiary Predecease Allowance Adjustment

• •If you chose payment plan 2 or 3 for your retirement and your beneficiary dies before you, you can get more money each month.
• •This extra money is only for people who retired before January 1, 2018.
• •You won’t get the extra money if you already said ‘no’ to this option when you retired.

A retired teacher chose payment plan 2 and named her husband as her beneficiary. Sadly, her husband passed away before she did.

Because her husband died first, she can now get a bigger monthly check from her retirement plan. But this only works because she retired in 2016 and didn’t say ‘no’ to this option when she retired.