One or more persons, trusts, or organizations a member or participant names to receive plan benefits, if any, upon the death of the member or participant. listed
under the previous options.
If you chose Option 2 or 3 or Lump-Sum Option 2 or 3 as your retirement plan option, you can change your option to Option 1 if you receive a service retirement benefit and you:
One or more persons, trusts, or organizations a member or participant names to receive plan benefits, if any, upon the death of the member or participant. listed
under the previous options.You must notify PERS in writing to request a change or conversion to the higher-paying Option 1. Your change to Option 1 will become effective either (1) on the first full month following the date you reach age 80 or (2) on the first full month following your beneficiary's death. You will be notified by letter of the increase in your benefit amount and if there is any retroactive payment due. The Option 1 benefit will remain in effect until your death.
If you are choosing to
change your retirement option to Options 1 because of the death of your
designated beneficiary The beneficiary named by a PERS member on a document filed and accepted by PERS., you must submit a photocopy of your designated
beneficiary's death certificate. The benefit will not increase until PERS
receives the copy of the death certificate.
If your spouse is your designated beneficiary and you divorce before your spouse is deceased, you will not be entitled to receive this benefit increase.
A portion of your retroactive payment may be rollover eligible if it complies with minimum distribution requirements.