| Straight
Life pays you for your lifetime. If your death
occurs within 12 months of retirement, your spouse (if you have
been married for at least one year) may apply for a lifetime
survivor benefit as if you had elected Option B75 and retired
on the date of death. If your death occurs after 12 months of
retirement, there is no continuing monthly payment.
Option
A120 pays you 94% of the straight life amount for
your lifetime. In the event of your death before you have
received 120 payments, your beneficiary will receive a monthly
payment (less the temporary annuity, if applicable) for the
balance of the 120 month period which begins on the date of
your retirement.
Option
A60 pays you 98% of the straight life amount for
your lifetime. In the event of your death before you have
received 60 payments, your beneficiary will receive a monthly
payment (less the maximum equal to the temporary annuity,
if applicable) for the balance of the 60 month period which
begins on the date of your retirement.
Option
B75 pays you a lifetime amount which is 83% of
the straight life benefit adjusted for the difference in age
between you and your beneficiary. In the event of your death,
your beneficiary will receive a monthly benefit equal to 75%
of your annuity (less the maximum equal to temporary annuity,
if applicable) for his/her lifetime.
Option
B50 pays you a lifetime amount which is 88% of
the straight life benefit adjusted for the difference in age
between you and your beneficiary. In the event of your death,
your beneficiary will receive a monthly benefit equal to 50%
of your annuity (less the temporary annuity, if applicable)
for his/her lifetime.
If you
choose one of the "A" Options, you may name
anyone as beneficiary. If you name more than one beneficiary,
they will share an equal portion of the benefit for the balance
of the guaranteed period.
If you
choose one of the "B" Options, the beneficiary
must be your spouse to whom you have been married at least
one year or a person who is at least 40 years of age or older
and dependent on you for at least 1/2 of his/her support.
The birth certificate of the beneficiary will be required
for a "B" Option.
If
your marital status changes after retirement, you may be able
to change your elected payment plan. Please contact APERS
for instructions if applicable. |
