Before your effective date of retirement, you may convert your pension into an actuarial equivalent pension as follows:
Full-Survivorship Option
This benefit is paid monthly for your lifetime. After you die, your surviving beneficiary will receive, for life, the monthly benefit you were receiving at the time of your death. You may change your payment option or beneficiary designation before your effective retirement date. You cannot change your payment option or designation of beneficiary after your effective retirement date. If you outlive your beneficiary, your benefit is not changed, and all benefits stop when you die.
Full-Survivorship Increase Option
This benefit is payable for your lifetime. After you die, your surviving beneficiary will receive, for life, the monthly benefit you were receiving at the time of your death. However, if your beneficiary predeceases you or your beneficiary is your spouse on your effective retirement date and you later divorce, your benefit will be eligible to convert to the higher paying Single Life Option. Adjustments are effective the first day of the month following the date your beneficiary died or your divorce was finalized. You will need to request your benefit be converted and provide proof of death or divorce.
Half-Survivorship Option
This benefit is paid monthly for your lifetime. After you die, your surviving beneficiary will receive, for life, one-half the monthly benefit you were receiving at the time of your death. If you outlive your beneficiary, your benefit is not changed, and all benefits stop when you die.
Half-Survivorship Increase Option
This benefit is payable for your lifetime. After you die, your surviving beneficiary will receive, for life, one-half the monthly benefit you were receiving at the time of your death. However, if your beneficiary predeceases you or your beneficiary is your spouse on your effective retirement date and you later divorce, your benefit will be eligible to convert to the higher paying Single Life Option. Adjustments are effective the first day of the month following the date your beneficiary died or your divorce was finalized. You will need to request your benefit be converted and provide proof of death or divorce.