At the death of the retiree, the named beneficiaries will each receive one-half of the amount being paid to the retiree before death. The amount is payable throughout the lifetimes of the named beneficiaries. Upon the death of one of the beneficiaries, the surviving beneficiary shall receive the full benefit amount. At the death of the retiree, the named beneficiary receives a lifetime annuity equal to one-half of the monthly benefit being paid the retiree prior to death. In the event the designated beneficiary predeceases the retiree, or the retiree divorces, the retiree may apply for a benefit recalculation under the Maximum Option.
Payment is made to the retiree for life.
The longer the period selected, the greater the reduction in monthly benefits. With the selection of one of the base options, service retirees under the age of 62 may also elect this provision to ensure a level income throughout the retirement years. This leveling provision increases the amount of monthly payment from PERS until the age of 62. At age 62, the benefit from PERS will decrease, but the combined income from PERS and Social Security should remain essentially the same as that which the retiree had been receiving from PERS alone under the Leveling Option. The maximum monthly retirement allowance is then reduced based on the member's age and the lump sum selected.