State Correction Officers and Security Hospital Treatment Assistants Plan
For ERS Tier 3 and 5 Members (Article 14-CO)
- Single Life Allowance (Option 0)
- This basic retirement benefit provides for the maximum benefit payment to you each month for the rest of your life. But remember, under this selection, all payments cease upon your death. When you die (even if it is only one year, or sooner, after retiring), nothing will be paid to any beneficiary.
- Joint Allowance — Full*
- This option will provide you with a reduced monthly benefit for your lifetime, and is based on your and your beneficiary’s birth dates. After your death, your beneficiary will receive the same monthly amount (without COLA) for life. If your beneficiary dies before you, all benefit payments will cease upon your death.
- Joint Allowance — Partial*
- This option will provide you with a reduced monthly benefit for your lifetime, and is based on your and your beneficiary’s birth dates. After your death, your beneficiary will receive a specific percentage of your benefit (without COLA) which you select (either 75, 50, or 25 percent) for his or her lifetime. If your beneficiary dies before you, all payments cease upon your death.
- Pop-Up/Joint Allowance — Full or Half*
- These options will provide you with a reduced monthly lifetime benefit. If you die before your beneficiary, we will continue paying the same monthly amount or one-half that amount (without COLA), depending on which option you elect, to your beneficiary for life. However, if your beneficiary dies first, your benefit will be increased to the amount you would have received if you had selected the Single Life Allowance at retirement, and all payments will cease upon your death.
- Five Year Certain and Ten Year Certain
- These options will provide you with a reduced monthly benefit for your lifetime, with the additional guarantee that if you live for less than five years or ten years after retirement, depending upon which option you elect, payments in the same amount you were receiving (without COLA) will be made to your beneficiary for the balance of the five- or ten-year period. You may change your beneficiary within the five- or ten-year period.
- Alternative Options
- If the options described here do not meet your needs, we will consider written requests for other methods of payment. Such requests must be outlined in detail by you and then approved by us for legal and actuarial soundness.
*If you elect this option, you must submit proof of your beneficiary’s birth date. You can designate only one beneficiary and you cannot change your designation after your retirement. If your beneficiary is your spouse at the time of your death, he or she will be eligible for 50 percent of your COLA.