Provides the maximum income during your lifetime, but no income for your surviving spouse after your death.
Retiring from Public Service Employment Soon?
There are Options No One Has Told You About Which Will Increase Your Monthly Retirement Income
Our ‘Pension Maximization Plan is a way you could receive the maximum monthly retirement payment PLUS leave a larger survivor benefit for your beneficiary.
Option 2 – 100% Joint And Survivor
You receive reduced monthly payments for life. After you die, your beneficiary receives the same amount monthly for life.
Option 3 – 50% Joint And Survivor
You receive reduced monthly payments for life. After you die, one-half of your payment continues to your beneficiary for life.
Option 4 – Social Security Leveling
You receive larger monthly payments than you would otherwise be entitled to receive, until you become eligible for Social Security at age 62. Beginning at age 62, your monthly payments will be reduced to an amount that is less than what you would otherwise be entitled to receive.
Option 6-2
Under a combination of Option 2 and the maximum payment, your death entitles your beneficiary to receive a monthly payment for life in the same amount as you received. However, if your beneficiary dies before you do, your monthly payments are increased to the amount payable under the maximum payment.
Option 6-3
Under a combination of Option 3 and the maximum payment, your death entitles your beneficiary to receive a monthly payment for life of one-half the amount you received. However, if your beneficiary dies before you do, your monthly payments are increased to the amount payable under the maximum payment.
The Maximum Payout Option provides the maximum income during your lifetime. All payments stop at your death.
The Joint & Survivor Option is the most popular payout option choice. You receive a reduced monthly payment (about 18% to 22% less) for life. After you die, your beneficiary receives that same reduced amount monthly for life.
This 18% – 22% difference between the Max Payout amount and the Joint & Survivor Payout amount is the Administrators’ charge for covering the risk that your beneficiary will outlive you and continue to collect on your pension.
It’s like you bought insurance from the State Retirement System and they didn’t tell you about it.
Your mistake might be accepting this choice without comparing the cost. We’re confident our price to provide these beneficiary benefits is better. You should control your retirement income, not the Administrator.
We offer a new specially designed life insurance plan that can provide these beneficiary benefits at a much lower cost than the Retirement System’s plan. The Pension Maximization Plan allows you to choose the Maximum Monthly Payout Option from the Retirement System, and then that life insurance can provide a continuing stream of income for your beneficiary at your death. This custom-configured life insurance pays the death benefit out to your beneficiary on a monthly basis for their life if you die before your beneficiary. In most every situation, the Plan is less expensive than the amount charged by the Retirement System for their equivalent protection.
Most retirees do choose the Joint & Survivor Monthly Payout Option for the right reasons: to provide for their dependents and beneficiaries. With our ‘Pension Maximization’ life insurance plan, you can provide that benefit for your dependents & beneficiaries for less, retaining more income for your family.