Death After Retirement
If your death occurs AFTER your retirement, and you have NOT chosen a Joint and Last Survivor benefit for your spouse, any balance in your account that has not been paid to you in retirement benefits, will be refunded to your beneficiary, within 60-90 days after receipt of your death certificate.
Retirement benefits are paid out of your contributions to the Retirement System first. In the event of your death after retirement, if you have not chosen a Survivor benefit, the amount of your accumulated contributions and interest, (reduced by any retirement benefits previously received by you) will be paid by lump sum to your beneficiary(ies).
REMEMBER: A retired member's contribution balance including interest is typically depleted within 1½ - 3 years after retirement so it is possible that there will not be an amount payable to your beneficiary, depending on how many years you have been retired prior to your death.