Retirement Payment Options
Survivor options are based on the employee's age at retirement and the beneficiary's age.
Option Name
|
Retiree Payment
|
Survivor Payment
|
Standard Annuity
|
Highest monthly payment paid to you for life.
|
No monthly survivor payment continues after your death. If there is money left in your account after your death, your survivor receives a one-time payment.
|
Option 1*
100% Survivor
|
Lowers the monthly payment for life. |
After your death, your survivor gets 100% of your monthly payment for life. |
Option 2*
50% Survivor
|
Lowers the monthly payment for life. |
After your death, your survivor gets 50% of your monthly payment for life. |
Option 3
5 Year
|
Lowers the monthly payment for life. |
If you die before you get 60 monthly payments, your survivor gets the rest of the 60 monthly payments. Then the monthly payment stops.
|
Option 4
10 Year
|
Lowers the monthly payment for life. |
If you die before you get 120 monthly payments, your survivor gets the rest of the 120 monthly payments. Then the monthly payment stops.
|
Option 5*
75% Survivor
|
Lowers the monthly payment for life. |
After your death, your survivor gets 75% of your monthly payment for life. |
*If you select a survivor option and the beneficiary dies before you, your monthly payment will change to the standard annuity option for the rest of your life.
