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After Retirement

MMBB continues to be there for retired members and their families, especially at difficult times.

Here are some steps you may take:

  • Be sure to call MMBB for help in coping with this difficult time and with filing for available benefits. If your loved one was a church member, church members may be eager to help.

Retirement Plans

  • Learn what will happen to your monthly benefit amount. Different retirement income options have different death benefits. Depending on the income option chosen at retirement, for example a joint and survivor or single life annuity, at death his or her monthly benefit amount may stay the same, reduce or stop.
  • If a 120-month certain option was selected, there may be a distribution to non-spousal beneficiaries.
  • If the member had any remaining balances in the MMBB retirement plans (not yet converted to monthly income), the balance will be paid to the named beneficiaries.
  • If the member retired from active membership with 15 years of premium-paying membership in the Benefits for Life program, a death benefit is payable.

Health Insurance

  • If the member covered eligible dependents for health care coverage, dependents may be able to continue these benefits for a limited time by paying the premiums.
  • Notify Medicare of the death, if applicable.

Personal Affairs, Taxes and Estate Planning

  • Seek legal counsel for any legal needs at this time, including the duties involved in executing a will, changing property ownership and managing the estate through probate if an estate is required.
    • There may be certain Required Minimum Distribution provisions imposed on the surviving spouse by the Internal Revenue Service.
  • Check with the Social Security Administration to stop any retirement benefits that were being paid and to see if any survivor benefits are payable.
  • Update your MMBB beneficiary designations, to be sure they are up-to-date. If you’re not sure who you’ve named, you may wish to submit updated beneficiary forms for your MMBB benefits.
  • You may wish to review your own insurance needs at this time and update any other beneficiary designations for any benefits covering you.

Life Style Adjustment Considerations

  • In times of change, be sure to take care of yourself. Watch your nutrition and exercise, and get help when you need it.