The Single Life Plan, Option 1
Plan Description
Provides the largest lifetime monthly benefit to you and makes no provision for continuing monthly payments to a beneficiary after your death. Any unused balance of your contributions and interest in your account at your death are paid in a lump sum to your designated beneficiary. (That balance is usually depleted in fewer than five years after your effective retirement date.) The Option 1-Single Life beneficiary designation can be changed at any time, as long as you have an account balance.
Advantage:
Since this option provides the largest retiree benefit, it is often the appropriate choice for a member with no dependents, or for a member whose beneficiary would have adequate income from other sources after the retiree’s death.
Disadvantage:
Monthly benefits stop at your death. No monthly benefit to a beneficiary is provided.
The plan you select cannot be changed after the effective date of your retirement.
