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Benefits - Active Members
OPTIONAL ANNUITY
When you retire, you may elect to receive an Optional
Annuity instead of receiving your full service retirement
annuity, which will result in a lesser monthly amount. This
annuity will pay you a benefit for life and upon your death
your designated beneficiary will receive a lifetime benefit
equal to a percentage of the benefit you were receiving. You
may elect to have your survivor receive either 50% or 100%
of your annuity amount.
This benefit costs more to provide since it will be paid
over two lifetimes instead of one. Therefore, the benefit
you receive will be smaller than the benefit you would have
received from a Regular Service Retirement Annuity. The
reduction in your annuity depends on your age and your
survivor's age when you retire and is calculated form
actuarial tables. In general terms, the reductions for the
Optional Annuities range from 15% to 25% for the 50% option
and from 35% for the 100% option.
You may not change your election once your benefit
payments have begun. Also, if your survivor dies before you,
you will not be allowed to elect another survivor and your
benefit will not be increased.
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