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.

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.