Retirement Payment Options for Former Employees

Monthly Retirement Payment Options

When you apply for retirement, you can choose one of six monthly payment options. All of these options pay you for your lifetime. If you choose an option that provides a continued monthly payment to your beneficiary after you die, your monthly annuity will be reduced for your lifetime. These survivor options are based on your age, and your beneficiary’s age at retirement.

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. You can designate one or more beneficiary.

Option 1*

100% Survivor

Lowers the monthly payment for life.

After your death, your survivor gets 100% of your monthly payment for life. You can designate only one beneficiary.

Option 2* 

50% Survivor

Lowers the monthly payment for life.

After your death, your survivor gets 50% of your monthly payment for life. You can designate only one beneficiary.

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. You can designate one or more beneficiary.

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. You can designate one or more beneficiary.

Option 5*

75% Survivor

Lowers the monthly payment for life.

After your death, your survivor gets 75% of your monthly payment for life. You can designate only one beneficiary.

*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.