Option A – The member receives a benefit for the rest of their life. Upon their death there are no payments to any beneficiary except for a balance of payment owed for the month in which they died.

Option B – Member receives a monthly benefit for the rest of their life, but the benefit typically is 1-5% less than Option A. Any balance in their account is paid to a named beneficiary/beneficiaries in a lump sum payment. Typically, the account is depleted within 8-12 years after retirement and is no balance in the account.

Option C – The member receives a lifetime benefit and upon their death their named beneficiary is awarded a lifetime benefit for their lifetime. This benefit is typically 7-15% less than Option A benefit. An eligible beneficiary can be a spouse, former spouse (provided they have not remarried at the time of member beings receiving benefit), parent, child or sibling. If the beneficiary pre-deceased the member, the member’s benefit “pops up” to Option A benefit amount.