The Term-Certain Benefit Plans
At retirement, you choose from six different benefit plans to direct the payment of your lifetime monthly service retirement benefits. Two Term-Certain plans are among those choices.
Facts About Term-Certain 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.
- Your lifetime benefits are reduced.
- Your beneficiary receives benefits for a limited time if you die within the "term" you select.
- If you live longer than the term, your beneficiary receives no benefits from PEERS.
- You can choose a 60-month or a 120-month term.
- If the beneficiary you named at retirement is your spouse and you divorce, you may apply for your benefit to increase or "pop-up" to the larger Single Life amount.
- 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.