Pension Sense blog | September 28, 2022 | Barbara Zumwalt

As you plan for your future, remember that your loved ones are eligible to receive survivor benefits, and the one-time death benefit is an example.

Starting July 1, 2022, this benefit, payable upon the death of a CalSTRS member, increased by 6.5%.

This benefit is a one-time payment made to a named beneficiary or beneficiaries and is determined by the type of coverage a member has and whether the member’s death occurred before or after retirement.

With this increase, the payment following the death of a retired member is $6,903 (up from $6,480). For a death prior to retirement, the payment for Coverage A members is also $6,903, while the payment for Coverage B members is $27,612 (up from $25,920).

The 6.5% increase mirrors California’s rising inflation, as measured by the California Consumer Price Index, from December 2020 to December 2021, and was approved by the Teachers’ Retirement Board at its May 2022 meeting.

Sign into your myCalSTRS account, or set up an account if you haven’t already, to update your beneficiaries and review the type of death-benefit coverage you have. Learn more about how you can protect your family members by reading the CalSTRS Survivor Benefits: Remember Your Loved Ones publication.

We’re here not only for you, but also for those you love.