Single Life Allowance (Option 0)

This option provides the maximum benefit payment to you each month for the rest of your life. Under this selection, all payments cease upon your death. After you die (even if it is soon after retiring), no pension payments will be paid to any beneficiary.

Cash Refund — Contributions

(Available only to members with annuity savings contributions on deposit)

This option will provide you with a reduced monthly benefit for your lifetime. When you die, the unpaid balance of your accumulated annuity savings contributions will be paid to your beneficiary or your estate. If all of your accumulated annuity savings contributions have been paid out, all payments will stop when you die. Mandatory contributions made by Tier 5 and 6 members are not annuity savings contributions.

Joint Allowance — Full*

This option will provide you with a reduced monthly benefit for your lifetime and is based on your birth date and that of your beneficiary. When you die, your beneficiary will receive the same monthly benefit amount you were receiving for life. If your beneficiary is your spouse at the time of your death, they will be eligible for 50 percent of your COLA. If your beneficiary dies before you, all payments will stop when you die.

Joint Allowance — Half*

This option will provide you with a reduced monthly benefit for your lifetime and is based on your birth date and that of your beneficiary. When you die, your beneficiary will receive one-half of the benefit amount you were receiving for life. If your beneficiary is your spouse at the time of your death, they will be eligible for 50 percent of your COLA. If your beneficiary dies before you, all payments will stop when you die.

Pop-Up/Joint Allowance — Full or Half*

These options will provide you with a reduced monthly benefit for your lifetime. When you die, your beneficiary will receive your normal benefit amount or half of that amount, depending on which option you elect. If your beneficiary is your spouse at the time of your death, they will be eligible for 50 percent of your COLA. If your beneficiary dies before you, your monthly payments will “pop up” to the maximum payable under the Single Life Allowance option, and all payments will stop when you die.

Five Year Certain and Ten Year Certain

These options will provide you with a reduced monthly benefit for your lifetime. If you die within five years of retirement — or ten years, depending upon which option you elect — your beneficiary will receive your normal benefit amount (without COLA) for the remainder of the five- or ten-year period. You can change your beneficiary within the five- or ten-year period.

Alternative Pension Payment Options

If the options described here do not meet your needs, we will consider written requests for other payment options. These requests must be outlined in detail by you and then approved by us for legal and actuarial soundness.

*If you elect this option, you must submit proof of your beneficiary’s birth date. You can designate only one bene­ficiary, and you cannot change your designation after your retirement.