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, or if your beneficiary is your spouse and you divorce, your benefit may increase or “pop 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.
* Divorce Decree must grant the member rights to his/her retirement benefit.