Pension Options
Learn which pension options are available to you (and your spouse or beneficiary) at retirement.
A Lifetime Monthly Pension
This Plan pays qualifying members lifetime monthly pensions in retirement. It offers different pension options, depending on your marital status.
Your Pension Options
When you apply for your pension, you must decide which pension option to receive.
All pension options pay a monthly pension for your lifetime; the only difference is what happens to your pension payments after you die. With each option, your monthly payment will be slightly different, but the overall benefit value is the same.
Watch the video below or keep reading to learn about the 3 different options.
Life Only
Upon retirement, you will receive monthly pension payments for the rest of your life. After your death, no further benefits are payable from the Plan.
If you have a spouse at retirement and you wish to select this option, your spouse must agree to give up their right to survivor benefits by signing a waiver.
Joint and Last Survivor 60, 75, 100
Available only to members with spouses at the time of application.
Upon retirement, you will receive monthly pension payments for the rest of your life. After your death, payments will continue to your surviving spouse at a rate of 60%, 75% or 100% of your full pension, for the remainder of their lifetime.
Life Guaranteed - 5, 10, 15 year
Shared between you and your beneficiary, receive at least 5, 10, or 15 years of guaranteed pension payments from the Plan. Upon retirement, the guarantee period will start, and you will begin receiving monthly pension payments. If you die before this guarantee period ends, your beneficiary will receive payments for the remainder of the guarantee period.
Once the guarantee period passes, you will continue to receive pension payments for your lifetime, but no further payments will be made to your beneficiary upon your death.
If you have a spouse at retirement and you wish to select this option, your spouse must agree to give up their right to survivor benefits by signing a waiver.