Lifetime Monthly Retirement-Based Benefits
If you are vested (have five or more years of service with PEERS), at the time of your death and name only one individual with an insurable interest in your life as your beneficiary, he or she may be eligible to receive immediate or future lifetime monthly benefits.
If your sole beneficiary is your spouse, child or parent, that individual automatically qualifies for lifetime monthly retirement-based benefits. Any other individual named as your sole beneficiary may also qualify by providing documentation showing that he or she was financially dependent on you.
Your beneficiary may be eligible for immediate benefits if you are eligible for retirement at the time of your death, or future benefits beginning when you would have reached retirement eligibility.
Lifetime monthly retirement-based benefits are based on the amount you would receive with no additional service, and you lived to retirement eligibility and chose the Joint-and-Survivor 100% benefit plan.
This option is not available if you name the following as your primary beneficiary:
- More than one individual
- Your trust
- Your estate
- A legal entity(ies)