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Standard and Optional Forms of Payment for Retirement Benefits

The standard form of payment of retirement benefits includes spousal/beneficiary benefits.

Spouses married to retirees both on the date of their retirement and death will receive a 60% lifetime (100% 1st year) spousal survivorship benefit. Minor children will also receive benefits until marriage or attainment of age eighteen (18). When a spouse dies or remarries, the survivorship benefit ceases and there are no further benefits except to unmarried children under age eighteen (18).


      • Optional Forms of Payment:

        A Plan Member who is entitled to a regular normal retirement benefit has the right at any time prior to their actual retirement date the opportunity to elect their benefit to be payable under any one of the options listed below:

        • Joint and survivor option - a retiring member may elect to receive a reduced retirement benefit to provide for a lifetime survivorship benefit to another person.

          Ten (10) years certain and life thereafter - a retiring member may elect to receive a decreased retirement benefit with 120 monthly payments guaranteed. If, after retiring, the member should die before the 120 monthly payments are made then payments continue to the designated beneficiary(s) until all 120 payments have been issued, at which time benefits cease.

          Other - in lieu of the other optional forms above, retirement benefits may be paid in any form approved by the Board so long as the actuarial equivalence with the benefits otherwise payable is maintained.

      • Terms and Conditions:

        The Plan Member may revoke an election and make a new election at any time prior to their actual retirement date. The value of an optional retirement benefit will be the actuarially equivalent of the value of benefits otherwise payable, which generally results in the reduction of the Member’s benefit. The Plan Member must make the election in writing, which is subject to the approval by the Board.

        The selection of an optional retirement benefit is irrevocable and cannot be changed after retirement under any circumstances. Any reduction in your pension benefits to provide these valuable benefits to a beneficiary is permanent regardless of divorce or in the event that your beneficiary predeceases you. Under Florida Law divorce might adversely affect the rights of an ex-spouse for survivorship benefits and the Pension Office should always be contacted in this event.

        The definition of spouse is that person who is legally married to a Plan Member. Federal Law requires the recognition of same sex marriages. Common law marriage is not recognized.



Contact the Pension Office for more information on optional forms of payment and potential survivorship benefits.

Below are links to additional information:
Early Retirement
Vested Deferred Retirement
DROP
Optional Survivorship Benefits

 

 

 

 

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