Pension Benefit Options
Members - Retirees
Pension Benefit Options
When members retire, they must select one of the six alternatives described below for the distribution of the pension portion of their retirement benefit. Members may also choose to select the "Social Security Integration" option with any of the six listed options.| Regular Form of Retirement (Option A-1) | Under this option, a member will receive a monthly benefit for life. If the member dies before receiving benefits for five years, his/her designated beneficiary will receive either his/her monthly benefit for the remainder of those five years or the present value of those remaining payments in a lump sum. |
| Straight Life Without A Guaranteed Period (Option A-2) | Under this option, a member will receive a monthly benefit for life, but there are no payments due to anyone after the member's death. |
| Modified Cash Refund Annuity (Option A-3) | This option is available for those members who elect ASA1 or ASA7 with respect to their individual Annuity Savings Accounts. Under this option, a member will receive a monthly benefit for life. This benefit will be based on the member's age, salary, and service (employer pension amount) and the amount of money in the member's Annuity Savings Account. If the member dies before receiving benefits for five years, his/her beneficiary will receive either a monthly benefit (the employer pension amount only) for the remainder of those five years, or the present value of those remaining payments in a lump sum. Also upon the member's death (whether the member dies before or after receiving five years of benefits), the designated beneficiary will receive a single payment of the amount remaining in the member's Annuity Savings Account. Please note that the Annuity Savings Account balance is reduced with each monthly benefit paid. Thus, if the member dies after the account has been reduced to zero, there will be no Annuity Savings Account distribution to the designated beneficiary. |
| 100% Survivorship (Option B-1) | Under this option, a member will be paid a monthly benefit for life. After the member's death, the same monthly benefit will be paid to the member's co-survivor for their life. |
| 66 2/3% Survivorship (Option B-2) | Under this option, a member will be paid a monthly benefit for life. After the member's death, a monthly benefit in the amount of two-thirds of the member's benefit will be paid to the member's co-survivor for their life. |
| 50% Survivorship (Option B-3) | Under this option, a member will be paid a monthly benefit for life. After the member's death, a monthly benefit in the amount of one-half of the member's benefit will be paid to the member's co-survivor for their life. |
| Social Security Integration (Option A-4) | Members retiring between the ages of 50 and 62 may integrate their Fund benefit with their Social Security benefit. The Fund pays a larger monthly benefit before age 62. However, at age 62, the Fund's benefit will be greatly reduced or terminated depending on the member's estimated monthly benefit at age 62 from Social Security. |
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