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 PSRS.
  • 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.

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