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The payment decisions you make at retirement will affect the amount of your monthly payment and determine whether or not any survivors or beneficiaries will receive monthly payments after you die. You must choose a payment option on your retirement application. How much you will receive each month in retirement benefits will depend on your years of service, your wages, how much you have added to your Annuity Savings Account (ASA), and how you choose to take payments from your account.
Five-year Guaranteed Beneficiary Benefit (Option 10): You will receive a monthly benefit for the rest of your life. If you die before receiving benefit payments for five years, your beneficiary will receive that monthly benefit for the remainder of those five years OR a lump sum distribution equal to the present value of those remaining payments. After five years, there are no payments available to the beneficiary.
Benefit with No Guarantee (Option 20): You will receive a monthly benefit for life, but there are no monthly payments to anyone after your death. However, the balance of your ASA will be distributed to your beneficiary or estate if it is larger than the payments previously made to you.
Joint with Full Survivor Benefits (Option 30): You will be paid a monthly benefit for life. After you die, the same monthly benefit will be paid to your beneficiary for his/her lifetime.
Joint with Two-thirds Survivor Benefits (Option 40): You will be paid a monthly benefit for life. After you die, two-thirds of your benefit will be paid to your beneficiary for his/her lifetime.
Joint with One-half Survivor Benefits (Option 50): You will be paid a monthly benefit for life. After you die, one-half of your benefit will be paid to your beneficiary for his/her lifetime.
Integration with Social Security (Option 61): You are eligible to select this option if you retire between the ages of 50 and 62. PERF will pay you a larger monthly benefit up until you turn 62. At age 62, your benefit will be reduced or terminated depending on your estimated Social Security benefit. If you die before receiving benefits for five years, your beneficiary will receive either your monthly benefit for the remainder of those five years OR the present value of those remaining payments in a lump sum.
|IMPORTANT NOTICE |
(applies to retirement options 10, 20, 30, 40, 50 and 61)
|If you and your beneficiary die, you didn't withdraw your ASA at retirement, and the total amount of payments received up to the date of death (including pension and ASA payments) is less than the balance of the ASA at the time of retirement, then either the beneficiary or member's estate will be paid the remaining ASA balance. Please note that if a total distribution of the ASA is chosen as the payment option, this guarantee does not apply. Also, if a partial distribution of the ASA is chosen, this guarantee only applies to the remaining ASA balance.|
Five-Year Beneficiary Benefit with ASA Cash Distribution (Option 71): In order to select this option, you must choose to combine at least a portion of your ASA with your lifetime monthly pension benefit. If you select this option, you will receive a monthly benefit for the rest of your life. If you die before receiving payments for five years, your beneficiary will receive that monthly benefit for the remainder of those five years OR a lump sum equal to the present value of those remaining payments. Also, upon your death (whether you die before or after receiving five years of benefits), your beneficiary may receive any remaining balance of your ASA.
Note: Option 71 is not available to members who elect to receive total payment of their ASA upon retirement. However if the member chooses a partial withdrawal of the ASA (a distribution of the tax basis as of Dec. 31, 1986), Option 71 is available.