1/2 Joint and Survivor Annuity
Under this option, you will receive a reduced retirement benefit for life. After the your death, one-half of the member’s reduced retirement benefit will be paid to the surviving joint annuitant for his or her lifetime. The joint annuitant must be a specific person.
100% Joint and Survivor Annuity
Under this option, you will receive a reduced retirement benefit for life. After your death, the same reduced monthly benefit will be paid to your surviving joint annuitant for his or her lifetime. The joint annuitant must be a specific person – who is no more than 10 years younger than you, unless that person is your spouse. If you are married at retirement, your spouse must consent to your choice of Option B.
Single-Life Annuity with 10-Year Certain Period
Joint Annuitant and Beneficiary….What is the difference?
Joint Annuitant – A specific person (not a trust, charity, etc.) who you designate to receive a lifetime retirement benefit under Option A or B once you pass away. A joint annuitant designation cannot be changed after retirement.
Beneficiary – A person or entity you designate to receive accumulated contributions, death benefit or retirement benefit under Option C. Unlike a joint annuitant, a beneficiary does not have the right to a lifetime benefit. The beneficiary is not required to be a specific person (can be a trust, charity, etc.), and may be changed at any time by submitting a new beneficiary designation form.
Can I Change My Option?
Your chosen retirement benefit option may not be changed on or after the effective retirement date. However, if your joint annuitant – under Option A or B passes away before you do, you must contact OPERS and provide a certified death certificate. At that point, you will begin receiving benefits under the Maximum benefit option. No other person may be substituted.
A member’s joint annuitant cannot be changed after retirement. However, beneficiaries under Option C can be changed at any time after retirement.