You will receive your first benefit payment approximately three weeks after your benefit effective date. Your payment could be delayed if we receive your retirement paperwork less than 60 days before your benefit effective date. After your first payment is issued, all subsequent payments are sent on the first business day of each month.
Your benefit payment could change. After your employer sends us final salary information, we recalculate your monthly benefit. If the final benefit differs from your first few payments, we will make retroactive adjustments and send you an updated letter with your final benefit payment information.
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.
