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Annuity Payment Options

Annuity Payment Options

Standard Annuity:

Payable throughout retiree's life.

Option 1: (100% Joint Life Annuity)

Payable throughout retiree's life. Upon death, the same payment will continue throughout the selected beneficiary's life.

Option 2: (50% Joint Life Annuity)

Payable throughout retiree's life. Upon death, one-half of this payment will continue throughout the selected beneficiary's life.

Option 3: (Payments Guaranteed for 60 Months from Retirement Date)

Payable throughout retiree's life. If retiree dies within 60 months of the retirement date, the beneficiary or beneficiaries will continue to receive payments until the remainder of the 60 payments have been made.

Option 4: (Payments Guaranteed for 120 Months from Retirement Date)

Payable throughout retiree's life. If retiree dies within 120 months of the retirement date, the beneficiary or beneficiaries will continue to receive payments until the remainder of the 120 payments have been made.

Option 5: (75% Joint Life Annuity)

Payable throughout retiree's life. Upon death, three-fourths of this payment will continue throughout the selected beneficiary's life.

Important Notes:

If the primary beneficiary dies before the retiree and the retiree has selected Option 1, 2, or 5, the retiree’s future monthly annuity payments will increase to the amount of the standard annuity.

Options 1, 2, and 5 are not available if the retiring member is designating more than one primary beneficiary.

Members may not be eligible to select Option 1 if they designate a non-spouse beneficiary who is more than 10 years younger than the member, and they may not be eligible to select Option 5 if they designate a non-spouse beneficiary who is more than 19 years younger.

If one or more retirement payment plans is not available as discussed above, "N/A" will display on the retirement estimate.

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