Fla. Admin. Code Ann. R. 60W-4.005 - Supplemental Benefits Payable Upon Death

(1) If the death of a participant occurs prior to the completion of 10 years of creditable service with the Institute there will be no benefit payable.

(2) If the death of a participant occurs after the completion of 10 years of creditable service with the Institute, either while he or she is employed with the Institute prior to his or her actual retirement from the federal Civil Service Retirement System, or after such retirement but prior to attaining age 62, it shall be assumed that the participant had met all other eligibility requirements provided in Rule 60W-4.003, F.A.C., and had retired on his or her date of death. Such deceased participant's designated beneficiary shall be eligible to receive a supplemental benefit according to the following provisions:

(a) The designated beneficiary must qualify as a joint annuitant as defined in subsection 60W-6.001(5), F.A.C.; and

(b) Benefits shall commence upon such joint annuitant's attaining the age of 62 and upon proper application; and

(c) The benefit shall be calculated based on the age of the participant on his or her date of death, or age 62 if greater, and the age the joint annuitant would be at the participant's age being used for the calculation. The benefit shall begin as provided in paragraph 60W-4.005(2)(b), F.A.C., and shall be paid for the lifetime of the joint annuitant in accordance with Option 3 as provided in paragraph 60W-4.007(1)(c) and subsection (4), F.A.C.

(3) Upon the death of a retired participant, joint annuitant, or beneficiary who is receiving monthly supplemental benefits, the supplemental benefits shall be paid through the last day of the month of death. The monthly supplemental benefit paid in the month of death shall be reissued to the estate of the deceased payee when the Division is advised of the death of the payee before the warrant is deposited or cashed. Any monthly supplemental benefits payable beyond the month of death shall be computed in accordance with the optional supplemental benefit selected by the participant and shall be issued to the designated beneficiary or joint annuitant, if applicable.

(4) In the event the designated beneficiary wishes to refuse the supplemental benefits to which he or she is entitled, he or she shall disclaim those benefits as provided in Chapter 739, F.S. All benefits due the first disclaiming beneficiary shall then be paid to the next designated beneficiary, notwithstanding the ability of the recipient beneficiary to qualify as a joint annuitant. If there is no other designated beneficiary, benefits shall be paid as provided in Section 121.091(8), F.S., notwithstanding the ability of the recipient beneficiary to qualify as a joint annuitant. No benefit may be created through a disclaimer greater than the actuarial equivalent to which the disclaiming beneficiary was entitled. If the benefit disclaimed is Option 2, 3, or 4, the recipient beneficiary shall receive the actuarial equivalent, based on tables adopted by the Division, of the amount to which the disclaiming beneficiary was entitled.

Notes

Fla. Admin. Code Ann. R. 60W-4.005

Rulemaking Authority 121.40(13) FS. Law Implemented 121.40(8) FS.

New 2-4-86, Formerly 22Q-4.005, Amended 8-4-94.

New 2-4-86, Formerly 22Q-4.005, Amended 8-4-94.