Joint and Survivor Benefit Plans
At retirement, you choose from six different benefit plans to direct the payment of your lifetime monthly service retirement benefits. Three Joint-and-Survivor plans are among those choices.
Facts About Joint-and-Survivor Plans:
- 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 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 within 90 days of marriage.
- After your death, these plans pay lifetime monthly benefits to your beneficiary.
- 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.