When you apply to receive monthly retirement or disability benefits, you will have to decide whether or not you want to provide monthly benefits to your survivor upon your death. If you wish to choose survivor coverage, you will receive a lower monthly benefit in order to provide this additional coverage.

Once payments begin, you cannot change your choice of survivor coverage or the person you elect to cover. Because it cannot be changed, this decision is very important.

You can name anyone you choose to receive survivor benefits. The reduction in your monthly benefit is based on the age difference between you and your survivor. The younger the survivor, the greater the reduction in your benefit to provide this survivor coverage. The different annuity choices are listed below:

1. Single-Life Benefit Option
2. 100% Joint-and-Survivor Benefit Option
3. 50% Joint-and-Survivor Benefit Option
4. 15-Year-Period-Certain Benefit Option

Single-Life Benefit
If you don't choose survivor coverage, you will receive monthly benefits for your lifetime only. Your monthly benefits will stop upon your death, and no further monthly benefits will be payable.

If you die after retirement, your beneficiary would be entitled to your account value when payments began, less the monthly benefits you have received. It is important to keep your beneficiary designation current at all times.

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100% Joint-and-Survivor Benefit Option - Provides Maximum Survivor Coverage
If you select the 100% Joint-and-Survivor option, you will receive monthly benefits for your life, and upon your death, your named survivor will continue to receive the same amount you were receiving. This survivor benefit will be payable for the lifetime of your named survivor. This option provides maximum survivor coverage, but results in lower monthly payments during your lifetime.

If your named survivor dies before you, your monthly benefit will increase (bounce back) to the single-life benefit amount, which would be the same amount you would receive had you not chosen survivor protection.

If a non-spouse survivor is more than 10 years younger than you, you may not select the 100% option.

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50% Joint-and-Survivor Benefit Option - Provides Some Survivor Coverage
If you select the 50% Joint-and-Survivor option, you will receive monthly benefits for your life, and upon your death, your named survivor will receive one-half of the amount you were receiving. This survivor benefit will be payable for the lifetime of your named survivor. This option provides some survivor coverage, and the amount payable to you is greater than if you choose the 100% or 75% Joint-and-Survivor options, but less than if you choose the Single-Life Annuity.

If your named survivor dies before you, your monthly benefit will increase (bounce back) to the single-life benefit amount, which would be the same amount you would receive had you not chosen survivor protection.

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15-Year-Certain-and-Life-Thereafter Benefit Option
The 15-Year-Certain and-life-thereafter benefit option provides a monthly benefit, which is guaranteed to last 15 years. If you die before you have collected the monthly benefit your beneficiary will continue the balance of the 15 years. For example, if you die after collecting benefits for 10 years, your named beneficiary may collect monthly benefits for 5 years. If you live longer than 15 years, your monthly benefit continues for your lifetime, but no benefits will be payable upon your death.

You may name more than one beneficiary. If you die before collecting monthly benefits for 15 years, your beneficiary may choose either to receive monthly payments or the computed value in a lump sum. If there is more than one beneficiary, each beneficiary may choose a different option.

If both you and your beneficiary die before the 15-year period is paid, the remainder of the benefit will be paid to the estate.

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