Board Resolution 2005-12-10(e)

Meeting room

Topic: Retirement Benefit
Subtopic: Deaths During Retirement Process
Date: 12/15/2005
Status: Active

WHEREAS, retirement annuity initial payments are issued after an employee has terminated service; and

WHEREAS, in the normal course the initial retirement benefit is paid 15 to 30 days after an employee has terminated service, but additional delay may occur by reason of adjustment of employee’s earnings, establishing prior service records and other service credit adjustments or because of delay in receiving payroll information from the employing municipality; and

WHEREAS, a participating employee may die after termination of service but before the initial payment of the retirement annuity.

RESOLVED, that the following rules and regulations apply to payment of death benefits on behalf of a member who dies while the retirement is pending:

  1. If the applicant for a retirement annuity is living on the day the initial benefit payment is made by IMRF, he shall be considered to be an annuitant and the charges for the retirement annuity shall be made in the normal manner. The death benefits shall be those for an annuitant;
  2. If a participating employee fills out a retirement annuity application and leaves it with his employer or forwards it to IMRF and dies before the
    date of termination of employment, the death benefits shall be those for an active participant;
  3. If a participating employee dies within a short period after the
    termination date but before the retirement annuity is paid, the employee’s status for death benefits is determined by the employer.