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Options at Retirement

 When a member elects to retire he or she may choose from the following:

  • Optional Settlement 1 - The member has the right to have a retirement allowance paid to him or her until death, and if he or she dies before receiving the amount of the accumulated contributions at retirement, to have the balance at death paid to the beneficiary or estate.
  • Optional Settlement 2 - The member has the right to have a retirement allowance paid to him or her until death, and thereafter to the beneficiary for life.
  • Optional Settlement 3 - The member has the right to have a retirement allowance paid to him or her until death, and thereafter to have one-half of his or her retirement allowance paid to the beneficiary for life.

Note: If a member selects option 2 or 3:

  1. The amount of the member's annuity is reduced;
  2. The option is irrevocable; and
  3. The full annuity is not restored upon the death of the beneficiary.

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