Form 2db - Designating Beneficiary(Ies) For The Death Benefit Page 3
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4Guides for Designating Beneficiary(ies)
Page 1 of 2
for the Death Benefit
Guide A.
What is the Death Benefit?
Beneficiary(ies) for the Death Benefit must be designated on Form 2DB.
As part of your employment with an employer that participates in
Consolidated Judicial Retirement System. If you are in
the Death Benefit, should you die while you are contributing to
active service at your death, an amount equal to your final
the Retirement System, a one-time payment based on your
annual rate of compensation will be paid to your beneficiary
salary may be paid to the beneficiary(ies) that you designate.
(ies) plus a one-time payment of your undistributed
The specific service requirements, benefit amount, and
contributions. However, if you are at least age 50 with five
additional details for each Retirement System are described
years of service and if your surviving spouse is designated as
below.
your single principal beneficiary, instead of the payment of
your undistributed contributions, your spouse will have the
Teachers' and State Employees' Retirement System. Most
choice to receive a monthly benefit for life or until remarriage.
members of this System are eligible for this benefit. For your
(G.S. 135-63)
beneficiary(ies) to receive this benefit, you must have at least
one year of contributing service at your death, and you must be
Legislative Retirement System. For your beneficiary(ies) to
either in active service or within 180 days of your effective
receive this benefit, you must have at least one year of
termination date (the last day for which you received
contributing service at your death and you must be actively
compensation subject to contributions). The amount of the
serving in the General Assembly. The amount of this benefit is
benefit is equal to the highest consecutive 12 months of salary
equal to your highest annual salary, to a maximum of
during the 24 months preceding your death, to a minimum of
$15,000.(G.S. 120-4)
$25,000 and a maximum of $50,000. (G.S. 135-5)
All. Any beneficiary must meet the requirements in Guide C.
Local Governmental Employees' Retirement System. Not all
You may change your beneficiary(ies) for this benefit at any
members of this System are eligible for this benefit; see your
time.
employer to find out if they chose to participate in this benefit. All
• You may list one or multiple principal beneficiaries. If you limit
law enforcement officers in this System are eligible for this
your designation to a single principal beneficiary, you may
benefit. For your beneficiary(ies) to receive this benefit, you must
designate one or multiple contingent beneficiary(ies).
have at least one year of contributing service at your death, and
• If you list multiple beneficiaries in any case, you may not
you must be either in active service or within 180 days of your
assign percentages of the benefit to any individual; the
effective termination date. The amount of the benefit is equal to
benefit will be divided equally among multiple beneficiaries.
the highest consecutive 12 months of salary during the 24
months preceding death, to a minimum of $25,000 and a
maximum of $50,000. (G.S. 128-27)
Guide B.
What is the Return of (Undistributed) Contributions benefit?
Beneficiary(ies) for Return of Contributions must be designated on Form 2RC.
As a condition of your employment, you regularly contribute 6%
your death:
of your eligible compensation to your Retirement System
• A single principal beneficiary may have the choice to receive
(Legislative Retirement System members contribute 7%). When
a monthly benefit (known as the Survivor's Alternate Benefit)
you have contributed for five years and received the proper
rather than a one-time payment (known as a Return of
credit, you are vested in the Retirement System. Once you are
Contributions) if your service record and/or age qualify. A
vested, you will be eligible for a monthly benefit when your age
principal beneficiary will not have this choice if other
and service record qualifies you for retirement.
co-beneficiaries were designated. A principal beneficiary
without co-beneficiaries will not have this choice if you file a
Should you die before you retire, the contributions you have
letter with the Retirement Systems Division stating that this
made, plus any amount you paid to purchase retirement credit,
beneficiary not have the choice to receive the Survivor's
will be distributed to the beneficiary(ies) you designate. Your
Alternate Benefit. A contingent beneficiary will not have this
beneficiary(ies) is entitled to these contributions whether or not
you are vested and whether or not you are in active service at
choice.
the time.
• If you choose to designate one principal beneficiary, you
may designate one or multiple contingent beneficiary(ies).
Any beneficiary must meet the requirements in Guide C. You
may change your beneficiary(ies) for this benefit at any time prior
• If you list multiple beneficiaries in any case, you may not
to retirement.
assign percentages of the benefit to any individual; the
benefit will be divided equally among multiple beneficiaries.
You may list one or multiple principal beneficiaries, but be aware
of how your choice may affect benefits payable in the event of
Please continue to the next page.
REV 20100519
2DB
GUIDES
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