Special 20- and 25-Year Plans

For PFRS Tier 2, 3, 5 and 6 Members, (Sections 384, 384-d and 384-e)

Receiving Your Benefit and Filing Your Option Election

Receiving Your Benefit

At retirement, you must choose a pension payment option. You can choose from several options, all of which will provide a monthly benefit for life. Some options offer a reduced monthly benefit to provide a possible payment to your designated beneficiary after you die.

Filing Your Option Election

You must file your Option Election form (unless we tell you otherwise, as in the case of disability retirement) before the first day of the month following your retirement date. You have up to 30 days after your pension benefit becomes payable to change your selection. If you are a disability retiree, you may change your option selection up to 30 days after your disability application is approved, or up to 30 days after your retirement date, whichever is later.

If we don’t receive your option election on time, we must process your retirement as if you had selected Cash Refund — Contributions (Option ½), with your estate named as beneficiary.