When you apply to receive monthly retirement or disability benefits, you will have to decide whether you want to provide monthly benefits to your survivor when you die. In addition, participants in the Correctional Plan can choose an accelerated benefit option. Your choice will affect your monthly benefit amount. The chart below is a comparison of the options available to participants covered under all plans except Judges and Legislators.
| Plan / Benefits | Single Life | 100% Joint and Survivor |
75% Joint and Survivor |
50% Joint and Survivor |
Life Income 15-Year Certain * |
|---|---|---|---|---|---|
| Why choose this option? | Provides you the highest monthly benefit compared to other options. | Provides maximum survivor coverage, but reduces your monthly payments. | Provides some survivor coverage, but reduces your monthly payments. | Provides some survivor coverage, but reduces your monthly payments. | Reduces your monthly benefit, but provides survivor coverage if you die before collecting payments for 15 years. |
| Benefit paid for your lifetime? | Yes | Yes | Yes | Yes | Yes |
| Who can you name as a survivor? | N/A | Anyone, but typically a spouse. Your monthly benefit is reduced in order to provide coverage to a survivor upon your death. The reduction is based on the age difference between you and your survivor. The younger the survivor, the greater your monthly benefit is reduced. | Anyone, but typically a spouse. Your monthly benefit is reduced in order to provide coverage to a survivor upon your death. The reduction is based on the age difference between you and your survivor. The younger the survivor, the greater your monthly benefit is reduced. | Anyone, but typically a spouse. State law requires that you provide at least a 50% J&S option for your spouse unless they waive survivor coverage. | Anyone |
| What happens to benefit upon your death? | Monthly payments end. Any remaining account balance is paid to your beneficiary. | Survivor will receive monthly payment equal to your payments for their lifetime. | Survivor will receive monthly payment that is 75% of your payments for their lifetime. | Survivor will receive monthly payment that is 50% of your payments for their lifetime. | If you received payments for:
|
| What happens if named survivor dies before you? | N/A |
Monthly benefit will increase ("bounce back") to the single‐ life benefit amount. |
Monthly benefit will increase ("bounce back") to the single‐ life benefit amount. |
Monthly benefit will increase ("bounce back") to the single‐ life benefit amount. |
Has no impact on your benefit payment. You can name another beneficiary. |
* Life Income Option not available for Correctional Retirement Plan members who choose an accelerated benefit.
** If both you and your survivor die before the 15‐year term has ended, the balance of the account is paid to your estate.
Accelerated Benefit Option - Correctional Plan Only
You can choose an accelerated payment, which temporarily increases your monthly benefit until age 62 or 65. You receive a higher benefit until you reach the age you choose. Then your benefit is recomputed to a lower, permanent amount to cover the remaining years of retirement.