Survivor AnnuityA survivor annuity is a retirement plan whereby the spouse of an employee is able to collect on the benefits of the employee should that person die before reaching the age of retirement. The payout works the same as an insurance policy, annuity, and public assistance program. A survivor's annuity can be paid to the spouse, children, or other dependents of the plan participant as long as the paperwork is in good order. Check with your plan administrator.
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Ways to Qualify: • The employee is vested in the retirement program • Expire before retirement age is reached • The spouse may have been married for at least one year prior to the death of the employee. Check with the plan administrator for details Domestic Partnerships There are annuity plans for people who are in same sex or domestic partnerships. Each state has different laws regarding this so check with your company prior to signing any documentation. The rules work the same as spousal annuities.
Possible Exemptions • Defined contribution plans • The plan’s death benefits are paid in full • The plan does not offer a life annuity • No direct transfer provision Record Keeping If you have divorced, you should call your plan administrator right away and designate a new beneficiary and also keep your records in general up to date. Many intended beneficiaries have lost out on their inheritances because of a lack of simple planning. You need to make sure that you correctly fill out any paperwork your company gives you prior to your demise so that you spouse and beneficiaries will be able to take advantage of your annuity.
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