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Life Income with Guaranteed Payments Option

Mar 18, 2024, 09:27 AM by MOSERS
Please explain the guaranteed benefit options. Is it correct that the term is only for payment to my beneficiary if I should die prior to the end of the guaranteed term? Asked another way, if I outlive the guaranteed term, do I continue to receive benefits until my death?

Your retirement benefit from MOSERS is a lifetime benefit for you, the member, regardless of the benefit payment option you elect at retirement. Depending on your marital status, you will choose between different payment options such as the life income annuity, joint & survivor, and guaranteed payment options when you file your Retirement Election form.

  • The guaranteed payment options allow you to name anyone as your beneficiary(ies) (does not have to be your spouse).
  • Your retirement benefit will be reduced, and if you should pass before all the guaranteed payments have been made, any remaining payments will go to your beneficiary(ies).
  • You must name a beneficiary or beneficiaries (person, trust, corporation, organization, charity, or your estate) to receive any remaining guaranteed payments.

No survivor payments will be paid if you have received all payments in the guaranteed period (other than the final payment).

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