SDCERS Board Approves Annual Supplemental Benefit and Corbett Settlement Increase for 2019

Date: Nov 08, 2019

 

At its November 8, 2019 meeting, SDCERS’ Board of Administration approved payment of the Annual Supplemental Benefit, also known as the “13th Check,” and the Corbett Settlement Increase (“Corbett benefit”) for eligible retirees and continuance beneficiaries. The Supplemental Benefit is paid in years when the fund’s investment earnings are sufficient to qualify, according to a set formula defined in the plan documents, and the Corbett benefit is paid in years that the Supplemental Benefit is paid. If you are eligible for one or both of these benefits, payment will be included in your November 2019 monthly pension benefit.
 
The eligibility requirements for the Supplemental Benefit and Corbett settlement benefits are described in our FAQs under “Annual Supplemental Benefit ("13th Check"), Corbett, COLA, COL Annuity.” Here, you will also find a description of how these benefits are calculated.

In addition to the requirements outlined in the FAQ’s, in order to be eligible for the Supplemental Benefit, a retiree or continuance beneficiary must have been (1) alive and (2) eligible to receive a monthly pension benefit on October 1, 2019. If an eligible retiree died on or after October 1, 2019, the retiree’s continuance beneficiary is not eligible for their own Supplemental Benefit. In this case, the retiree’s Supplemental Benefit payment will be included in the $2,000 Retiree Death Benefit and Other Payable Monies, which is paid to the beneficiary named to receive that death benefit.
 




Document Under Categories: 13th Check and Corbett, News Articles, Press Release