9 Beneficiaries/Survivors & Death Benefits Beneficiary refers to one or more persons, the member’s estate or trust designated to receive all or part of your DC account upon your death. It is important to keep your beneficiary information up to date in the event you die prior to retirement. A survivor refers to the person who receives a survivor retirement (pension) benefit upon your death. With certain elections at the time of retirement, you can name a survivor for the DB/pension portion of your benefit amount. Effective January 1, 2022, the RMD rules for beneficiaries of members for defined contribution accounts are modified for members who die after December 31, 2021, and include updated information regarding the beneficiary. See the Required Minimum Distribution information in chapter 10 of this handbook for more information. 9.1 Death in Retirement – Survivor Benefits Upon your death, INPRS will begin paying your pension benefit to your designated survivor based on the options you chose at retirement. It is important that your survivor or someone who represents you contacts us to report your death. Here are the steps: 1. Your representative contacts INPRS to report your death. 2. INPRS reviews your account and sends the appropriate paperwork to your representative. 3. Your representative sends in the completed paperwork, along with your death certificate. 4. INPRS calculates what money is due to your survivors or your estate. Applicable to all options for retirees with whom INPRS services the monthly annuity (prior to January 1, 2018): • If you and your beneficiary(ies) die, and • if you did not withdraw your DC and/or RSA funds at retirement, and • if the total amount of payments received up to the date of death (including retirement and DC and/or RSA fund payments) is less than the balance of the DC and/or RSA funds at the time of retirement, then either the survivor(s) or your estate will be paid the remaining DC and/or RSA funds balance. If a total distribution of the DC and/or RSA funds was chosen as the payment option, this guarantee does not apply. Also, if a partial distribution of the DC and/or RSA funds was chosen, this guarantee only applies to the remaining DC and/or RSA funds balance. NOTE: For your survivor to claim the benefit at the time of your death, your survivor must be named and on file at INPRS prior to your death. INPRS cannot accept a change of survivor after your death. 9.2 Death While Not Retired If your death occurs while you are still working or after you have separated from a TRF Hybrid covered position, and you have funds in your DC account and/or RSA, INPRS will disburse the funds based on the beneficiary information on file with INPRS. If no beneficiary is named, the funds go to your estate. Your spouse or dependent children may be entitled to your pension benefit if you die after June 30, 2018, and meet the following requirements: 1. Have at least 10 years of creditable service; and 2. Did not apply for retirement. Teachers' Retirement Fund Hybrid Plan Member Page 41 of 47 Handbook Effective: 07/01/2024