Retirement Options

Retirement Options:

Option 1 - Under this Option there is no provision for continuing payment to a surviving spouse. At the death of the pensioner, their named beneficiary is entitled only to the death payment as described in paragraph (B) below. Monthly payments under this Option are based on minimum age of 55 and minimum service of 10 years. Monthly pension payment is currently calculatetd at the rate of $24.41 per year for each year of credited service, plus 1/12 of $24.41 for each additional full month.

Examples:

10 years X $24.41 = $244.10 per month

18 1/2 years X $24.41 = $451.59 per month

28 11/12 years X $24.41 = $705.86 per month

30 years X $24.41 = $732.30 per month (Maximum)

These amounts may be increased by annual cost-of-living amounts not to exceed 3% per annum.

Option 2 - (100% Joint Life Annuity) When a member qualifies for retirement, provision may be made for the surviving spouse by taking a reduced amount of monthly pension. Under this Option, the amount the retiree receives will continue to be paid to the surviving spouse for the remainder of their life or until they remarry. If the spouse predeceases the member or if there is a complete divorce, the retiree may revert to Option 1.

Option 3 - (50% Joint Life Annuity) This Option provides the same type of benefits as Option 2, except that the surviving spouse's pension will be half of the member's retirement payment.

The amounts under Options 2, and 3 will be calculated so as to be actuarially equivalent to Option 1, and the ages of both member and spouse are required for this calculation.

If the retiring member chooses Option 2 or 3, the spouse's date of birth must be verified by proof of birth papers and a marriage certificate is required.