Hannah Wilson9 said:What's the move?
What happens if an OMF member passes away? If a member of an mandatory fund dies before they reach retirement age—assuming their family is eligible for survivor benefits—the total capitalized assets from that individual's account will be transferred via the Central Insurance Registry to the Social Security Administration. From there, the SSA determines the survivor benefit based on the deceased's total years of service, essentially treating them as though they had been covered solely under the standard Social Security Act through generational solidarity.
There is a caveat, I suppose. This rule might not apply if the deceased was over 50 at the time of death and had been a member of the mandatory fund for more than five years—provided that the monthly survivor benefit calculated from those capitalized assets (when added to the base survivor benefit provided by a private pension insurance company) would exceed what they would have received under the standard Social Security system. In such a scenario, the total capitalized assets from the deceased's account are transferred via the Central Insurance Registry to whichever pension insurance company the family chooses—assuming that company provides a permanent monthly survivor benefit according to its specific program and relevant laws.
On the other hand, if a member of the mandatory fund passes away and the family doesn't qualify for survivor benefits under the Social Security Act, then the total capitalized assets in that member's account fall under the jurisdiction of American Inheritance Law.
How does one actually initiate the claim for inheritance funds? The documentation required to settle an inheritance claim, which must be sent to the Central Insurance Registry at 1600 Pennsylvania Avenue NW, Washington, DC 20500, includes:
1. An original or certified copy of the valid Decree of Distribution (Probate Decree)
2. A claim for inheritance payout (the official payout request form)
The request for the payout can be submitted to REGOS in a free-form format, though I assume it must include the following details:
1. The full name of the deceased
2. The Social Security Number of the deceased
3. The full name of the claimant
4. The Social Security Number of the claimant
5. The account number where the inheritance should be deposited
6. The name and account number of the bank holding that account
If the funds from the deceased's personal account were inherited, but a family member later becomes eligible for survivor benefits under the Social Security Act—deriving those benefits from the deceased member—the survivor benefit will be determined as a base pension according to that Act.
