Changes and Life Events

Provides a lifetime benefit to your spouse equal to half of your monthly pension after your death.

Allows you to designate a specific dollar amount or percentage to be paid to your beneficiary for life.

• • The designated amount cannot exceed your pension amount
  • If a dollar amount is selected, the minimum must be $100 a month
  • Federal tax law may require a different minimum. In this case, the benefit estimate will reflect the correct minimum amount allowable.

Pays your beneficiary the same monthly amount you were receiving at the time of death.

Due to federal tax law, if there is too great a difference in the ages between you and your beneficiary other than your spouse, this plan may not be available.

Allows up to four beneficiaries to receive monthly benefits upon your death.

Please note:

• • Each additional beneficiary named reduces your own pension amount
  • You must designate either a percentage or flat dollar amount for each beneficiary
  • The amount designated cannot be less than 10% unless required by a court order
  • The amount for all beneficiaries cannot exceed 100%.

If a court order requires you to provide a benefit to a former spouse, a copy of the order must be submitted to SERS.

If you select this plan, you will receive a separate beneficiary designation form. The form must be completed and received by SERS before benefits can be paid.