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What are my retirement options?

When you file for retirement you can choose one of the following options:

  • Straight Life
  • Option A-120
  • Option A-60
  • Option B-50
  • Option B-75
  • Partial Annuity Withdrawal
  • Deferred Retirement Option Plan

What is the Straight Life option?

Under the “Straight Life Option” monthly benefits will be paid for your lifetime only. Upon your death, your beneficiary, as indicated by our records, will receive, in a lump-sum, any balance of your accumulated employee contributions not paid to you in the form of monthly annuity payments, or if you die within twelve (12) months of the effective date of retirement, a B-75 Option annuity may be payable, upon application, to your surviving spouse.

What are A-Option retirement benefits?

Under the “A-Options”, monthly benefits are payable to you for your lifetime. If you die before receiving a set number of monthly benefits, your beneficiary will receive the remaining monthly benefits.

Under the “A-Options”, your beneficiary may be anyone you choose. In the case of multiple beneficiaries, the benefit will be shared equally by each.

There are two types of A-Option retirement plans – the A-120 Option, and the A-60 Option.

What is the A-120 Option?

You receive 94% of the computed straight life annuity. This monthly benefit is payable to you for your lifetime. In the event of your death before you have received 120 monthly payments, your beneficiary is entitled to the same annuity for the balance of the 120 months.* * Less the temporary benefit, if applicable.

What is the A-60 Option?

You receive 98% of the computed straight life annuity. This monthly benefit is payable to you for your lifetime. In the event of your death before you have received the 60 monthly payments, your beneficiary is entitled to the same annuity for the balance of the 60 months.*

What are B-Option retirement benefits?

Under the “B-Options”, monthly benefits are payable to you for your lifetime. In the event of your death, a percentage of your monthly benefit is payable to your beneficiary for his/her lifetime.* * Less the temporary benefit, if applicable.

For the “B-Options” your beneficiary must be either: Your Spouse (to whom you have been married for at least one year), or A person 40 years of age or older for whom you contribute more than 1/2 of his/her support.

There are two B-Option Retirement plans – The B-50 Option, and the B-75 Option.

What is the B-50 Option?

You receive 88% of the computed straight life annuity (adjusted upward or downward for the difference in age between yourself and your beneficiary).** ** Your monthly benefit is adjusted by ½ of 1% for each year difference in age between yourself and your beneficiary.

This monthly benefit is payable to you for your lifetime. Upon your death, 50% of the monthly benefit, which you were receiving, will be paid to your beneficiary for his/her lifetime.*

What is the B-75 Option?

You receive 83% of the computed straight life annuity (adjusted upward or downward for the difference in age between yourself and your beneficiary).*** *** Your monthly benefit is adjusted by 7/10 of 1% for each year difference in age between yourself and your beneficiary.

This monthly benefit is payable to you for your lifetime. Upon your death, 75% of the monthly benefit, which you were receiving, will be paid to your beneficiary for his/her lifetime.* * Less the temporary benefit, if applicable.

What about a change in my marital status?

If you elected “Straight Life” or one of the “A-Options” and you marry after retirement or within one year of retirement, you may elect to cancel your “Straight Life Option” or “ A-Option” and elect a “B - Option” providing continuing lifetime benefits to your spouse.

This election, however, must be on a form approved by the System and received by the System no earlier than one year after the date of the marriage and no later than 18 months after such date.

If you elect one of the “B-Options” (Option B-50 or Option B-75) and you have a change of marital status – through either death or divorce – you may elect a new option.

Contact APERS if a change in marital status occurs after retirement or DROP enrollment to obtain information about any choices you may have concerning your payments.

What is the Partial Annuity Withdrawal?

For information on the Partial Annuity Withdrawal see our PAW FAQ.

What is the Deferred Retirement Option Plan?

For information on the Deferred Retirement Option Plan see our DROP FAQ.

Who do I contact for more info on Retirement Benefit Options?

For more information about your Retirement Benefit Options contact: 

Arkansas Public Employees Retirement System 
124 W. Capitol Ave., Suite 400 
Little Rock, AR 72201 
501-682-7800 Local Phone 
1-800-682-7377 Toll Free

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Arkansas public employees retirement system

Here you will find information based on your role in our system, whether you are an active member, near retirement, a retired member or an APERS particpating employer.