Beneficiaries are a critical component of your financial planning. Naming beneficiaries ensures that your money goes to who you want it to. You can name both primary and secondary – we pay your primary beneficiaries first. Should all of your primary beneficiaries be deceased at the time of your death, we will pay your secondary beneficiaries. You can name any number of individuals, organizations, trusts, or charities.
You should verify the name of the person(s), entities, or trusts, shown as your beneficiary(ies) on PERA's records. This information is available any time at myPERA. Upon your death, your beneficiary will receive any balance in your account if no survivor benefits are payable. If you have no listed beneficiary, these funds will be payable to your surviving spouse, or if none, to your estate.
Returning to PERA Employment
It is important to keep your beneficiaries current. If you are returning to PERA employment after leaving, you will need to update your beneficiaries. Additionally if you received a refund of your previous PERA contributions, then you will need to name beneficiaries on your account for your reemployment.
Benefit Recipients
Upon your death a beneficiary will receive any remaining contribution balance in your account as long as no survivor benefits are payable. Most members will deplete their contribution balance within three to four years of collecting their benefit. This means there are usually no contributions left in a member’s account upon death to pay out to a beneficiary or estate.
Verify and Update
If you are unsure of your current beneficiaries, contact PERA and you may verify this information. Phone representatives cannot update beneficiaries over the phone.
You can verify or update your listed beneficiaries by:
Logging into your myPERA account
Completing the Change Form and sending it to PERA.
Are you a SVF Member?
You do not need to complete a beneficiary form as this designation is automatic in the plan.
