A few weeks after you terminate employment, you will be asked to sign “final papers.” This is when you will officially elect one of five retirement options. Your election will impact your monthly benefit amount and survivorship benefits payable after your death.
This election is irrevocable: It cannot be changed after your first benefit payment is issued. Therefore, it is important to understand the advantages and disadvantages of each retirement option.
Your choice of a retirement option will have a long-term impact on your finances. Therefore, it is important to make a well-informed decision in light of your financial needs and goals. Please contact Member Services staff to discuss your options in greater detail.
(* An “eligible beneficiary” is a spouse or registered domestic partner to whom the retiree was married or registered for at least one year prior to retiring or two years prior to death. If the latter, the spouse or partner also must be age 55 or older as of the retiree’s death. If there is no eligible spouse or partner, the member’s unmarried child(ren) under age 18 (up to age 22 if enrolled full-time in an accredited college) can be designated.)
(** If your designated beneficiary is someone other than a spouse and you are older by an “adjusted age difference” of more than 10 years, the maximum survivor benefit percentage will be reduced based on a table in IRS Regulation 1.401(a)(9)-6.)