Setting Up Beneficiary Payments

Depending on the optional form of payment selected by a payee, there may be a survivor benefit due to a beneficiary when a retiree dies.

You can find information about this on the Payee Payment Schedule page:

  • The payee's payment schedule shows the form of payment.

  • A non-zero value in the Percent Continued field indicates that there is a survivor benefit.

  • The system-calculated benefits show the beneficiary amount on the original payee's schedule.

If there is a survivor benefit and the beneficiary is still alive, you need to set up the beneficiary as a pension payee and start making survivor payments. You do this on the Create Payee and Payee Pension Status pages.

Note:

Even if the beneficiary is also an employee of the company, you need to set up a separate payee record.

You do not have to record an optional form of payment selection because the payment amount is determined by the original retiree's payment form.

You need to set up the beneficiary payment information:

  1. Access the Make One-Time Adjustments page.

    1. Enter the benefit plan from the retiree's benefit.

    2. Enter the payment number from the retiree's benefit.

      The system automatically fills in the payment information, using appropriate amounts from the retiree's payment schedule.

  2. Access the Payee Payment Schedule page.

    1. Enter a payment status: Active, Deferred, Stopped or Suspended.

    2. Set the payment choice to the appropriate beneficiary payment.

The following table summarizes the actions you perform to set up beneficiary payments:

Task Page Navigation

Check whether there is a survivor benefit.

Payee Payment Schedule

Pension, Payments, Request Payment Schedule, Payee Payment Schedule

Create the beneficiary's payee record.

Create Payee

Pension, Payments, Create Payee, Create Payee

Identify Pension Status

Pension, Pension Information, Identify Pension Status, Identify Pension Status

 

Schedule beneficiary's payments.

Make One-Time Adjustments

Pension, Payments, Make One Time Adjustment, Make One-Time Adjustments

Payee Payment Schedule

Pension, Payments, Request Payment Schedule, Payee Payment Schedule