Before you retire
- If you die before vesting, your beneficiary gets your contributions plus interest. If you die vested, the benefit is twice your account balance (for members active on or after July 1, 1999).Death Benefits flyer (Nov. 2021); Idaho Code 59-1361 as cited there
- If your spouse is your sole primary beneficiary and you die vested, your spouse may take a lifetime monthly benefit instead, calculated as Option 1.Death Benefits flyer (Nov. 2021)
Our illustration: a $50,000 account (contributions plus interest).
| If you die | Beneficiary gets |
|---|---|
| Not vested (under 60 months) | $50,000 |
| Vested | $100,000 |
After you retire
- After retirement, a contingent annuitant gets monthly payments for life. With the Regular option, any unpaid balance of your contributions and interest goes to your beneficiary.Death Benefits flyer (Nov. 2021); Retirement Options brochure p. 7
In PERSI's sample estimate, a contingent annuitant would get $1,165.45 a month under Option 1 and $629.32 under Option 2. Member Handbook (2019), p. 29, sample retirement estimate (form RS120) See Payment options.
Beneficiaries and paperwork
- One beneficiary designation covers both your Base Plan and your Choice 401(k) Plan. You can name more than one person, in equal shares or set percentages, and change it any time, but PERSI must receive the form before your death.Death Benefits flyer (Nov. 2021), Designating a Beneficiary
- PERSI isn't told automatically when a member dies. A representative of the estate must call PERSI.Death Benefits flyer (Nov. 2021), After Your Death
- A non-vested member's death benefit (contributions plus interest) can be paid as a lump sum or rolled over. The full Choice 401(k) balance also goes to your beneficiary.Death Benefits flyer (Nov. 2021)
If you become disabled
- With 5 years of service (or from day one if the cause is job-related), a totally and permanently disabled active member may get a disability allowance. Service is credited to age 65, up to 360 months in total.Disability flyer (Nov. 2021); Member Handbook (2019), p. 61
PERSI's example: disabled at 50 with 120 months, you're credited with the months to 65 as well: 120 + 180 = 300 months. Disability flyer (Nov. 2021); Member Handbook (2019), pp. 35-37, 61 (glossary example: 120 months at age 50 plus 180 projected months = 300 months)
Questions
What happens to my PERSI pension if I die before retiring?
If you're not vested, your beneficiary gets your contributions plus interest. If you're vested, it's twice your account balance (for members active on or after July 1, 1999), or your spouse may take a lifetime monthly benefit instead.
What does my spouse get if I die after retiring?
It depends on your payment option. With Option 1 or 4a your contingent annuitant gets 100% for life; with Option 2 or 4b, 50%. With the Regular allowance, any unpaid balance of your contributions goes to your beneficiary.
Source: PERSI Member Handbook, Handbook revision July 2019, pp. 29, 35-37, 61. Also: PERSI Death Benefits flyer (Nov. 2021); PERSI Purchasing Base Plan Service flyer; PERSI Disability flyer (Nov. 2021); Retirement Options brochure (01/14); Idaho Code §§ 59-1302, 59-1361 (as PERSI quotes it). Last reviewed .