Benefit Plans

How Your Monthly Benefits are Paid

At retirement, you can choose from six different plans to direct the payment of your lifetime monthly service retirement benefits. These plans give you the flexibility to choose the appropriate level of financial protection for your loved ones after your death. You cannot change your benefit plan after your PEERS retirement date.

No matter which benefit plan you choose, you will receive benefits for life.

Benefit Plans

The Single Life Benefit Plan

  • Largest lifetime retiree benefit
  • No monthly benefits for your beneficiary
  • Any remaining contributions and interest at your death are paid to your beneficiary.

This plan may be a good choice if you have no dependents or your beneficiary has adequate income from other sources.

You can name any person(s) or legal entity(ies) as your beneficiary and you can change your beneficiary at any time.

The Joint-and-Survivor Benefit Plans

The three Joint-and-Survivor benefit plans offer reduced lifetime retiree benefits with varying degrees of lifetime monthly benefit protection for your beneficiary after your death.

  • Your lifetime benefits are reduced based on your age and the age of your beneficiary.
  • Your beneficiary receives lifetime benefits after your death.
  • You can choose beneficiary payments equal to 100%, 75% or 50% of your benefit.
  • The greater the beneficiary percentage, the greater the reduction in your benefit.
  • If your beneficiary dies before you, your benefit "pops up" to the larger Single Life amount.
  • You can name only one person with a financial dependence on you as your Joint-and-Survivor beneficiary. A spouse, child or parent is automatically eligible.
  • You can change your beneficiary only if you have named your spouse, your spouse dies or you divorce, and you subsequently remarry and designate your new spouse as beneficiary.

The Term-Certain Benefit Plans

  • These plans provide financial protection for your beneficiary should you die within a limited period of time (or term) that begins at your retirement date.
  • You can choose a 60-month or a 120-month term.
  • If you die during the term you selected, your beneficiary receives the remaining payments in the term. Beneficiary payments stop when the term ends.
  • If you live longer than the term, your beneficiary receives no benefits from PEERS.
  • Your monthly retirement benefit is reduced, but not as much as under the Joint-and-Survivor plans.
  • You can name any person or legal entity as your Term-Certain beneficiary. You can change your beneficiary any time.

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