Payment plans are options chosen at retirement under which you will be paid each month. There are three payment plans, the Single Life Plan, the Joint Life Plan, and the Multiple Life Plan.
All three payment plans provide a monthly benefit to you for as long as you live
Two of the plans (Joint Life and Multiple Life) will continue monthly lifetime payments to your beneficiaries after your death.
Depending on the plan you select, you can designate one beneficiary(Joint Life) or up to four (Multiple Life). The more beneficiaries you designate, the lower your monthly payment. If you do not designate any beneficiaries, your monthly payments will end at the time of your death.
It is an annuity paid solely to you, the member, for life. It terminates upon your death, with no further monthly payments.
If the total allowance received does not equal your accumulated contributions, the remaining balance is paid to your beneficiaries.
It is a joint survivor annuity paid to you, the member, for life, and after your death payment is made to one beneficiary in a specified amount from 10 to 100 percent.
If you are married at retirement, you must designate a 50 percent Joint Life Plan to your spouse unless you obtain spousal consent.
It is a joint survivor annuity that provides payment to you, the member, for life. After your death, payment will be made to your surviving beneficiaries.
You are permitted to designate two to four surviving beneficiaries.
In addition to choosing a payment plan, members have the option of a partial lump sum option payment that allows you to initially receive a lump-sum payment along with a reduced monthly retirement benefit.
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