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Board asks for final pricing of two options on catastrophic-disability survivor benefits
Summary
After a comprehensive briefing, the LEOFF Plan 2 board asked staff and the actuary to return in December with costs and a final recommendation for two policy options: (1) base survivor benefits on the member's pre-offset benefit at retirement, and (2) consider refunding survivor reductions if an eventual death is later found duty related.
The board on Sept. 24 directed staff to return with a final briefing in December that includes actuarial pricing of two policy options for survivor benefits of catastrophic-disability retirees.
Jacob White presented a comprehensive review of how the Department of Retirement Systems has applied survivor benefits for members who retire with catastrophic disability. He told trustees DRS recently adopted an administrative practice that bases survivors' benefits on the duty-disability amount rather than the 70% minimum catastrophic formula the retiree might be receiving before offsets. White said DRS also currently does not refund survivor reductions a catastrophic disability…
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