The person the retiree can name as the contingent annuitant can be any person, including a spouse. If the retiree elects a benefit option that will continue an income to a surviving optionee, the benefit amount the retiree receives will depend on the retiree's age, and in some cases, the optionee's age. Following is a brief summary of the Income Payment Election Options available to retirees. Refer to the Tier I or Tier II manuals for more detailed information. This option provides the retiree with the highest monthly benefit with no provision for continuation of the benefit to another person after the retiree's death.
All payments stop at the death of the retiree.
However, a refund of the remaining amount contributed by the retiree to the system, plus interest, will be made to the retiree's beneficiary. The person the retiree can name as the contingent annuitant can be any person, including a spouse. The pension reduction is based on the closest ages of the retiree and the annuitant and is found in the option factor tables. The pension reduction is based on the closest ages of the retiree and the annuitant and is found in the option factor tables. This time must be converted to calendar days, multiply by 1.4.