As a cooperative member, your loved one earned capital credits during their time as a member with Berkeley Electric Cooperative. Since membership is terminated when a member passes away, you'll need to complete the attached deceased patronage paperwork to close their capital credit account. When the account is closed, you'll receive whatever funds have accumulated. If you are the surviving spouse on a joint membership account, you can choose to move forward with closing the capital credit account or you can choose to keep your account in its current state.
The following things will need to be completed as part of the deceased patronage process:
- All accounts need to be removed from the deceased member's name. This is done by applying for service to in your own name or having the appropriate person apply for service. The online application for service can be found here.
- The attached paperwork needs to be completed.
- You'll be required to provide an official copy of the member's death certificate.
- You'll need to have the forms notarized before returning to the Cooperative. If the forms are completed in our office, one of our employees can notarize them.
You will need to choose how you'd like to have the capital credit funds paid - either a discounted lump-sum payment or normal retirement payments. The discounted lump-sum payment will withdraw all funds and discount accordingly based on the early retirement calculations. The normal retirement payments are issued on the same schedule as regular capital credit payments issued yearly. We are currently on a roughly 20-year payment schedule.
Deceased patronage paperwork is accepted throughout the year, but is only processed from April/May through October 31st. Paperwork is processed in the order it's received.
*No early retirement of capital credits is allowed in the case of the dissolution of a corporation or partnership. Under these circumstances, an assignment of the capital credits to another Berkeley Electric Coop member would be allowed with the proper documentation.