Pension Options > Straight Life Full

If you choose this payment option, you receive the maximum monthly benefit payable throughout your lifetime. No ongoing pension payments or insurances are provided to your survivors. 

Calculate your annual straight life benefit by multiplying your FAC times 1.5 percent (0.015) times your years of service credit. Divide the product by 12 to calculate your monthly straight life benefit. 

Every calculation for other payment options (survivor, equated, early reduced) begins with a calculation of your straight life pension.

Additional notes about the straight life option.

• If you are married and choose a straight life option, your spouse must waive his or her right to your pension by signing the form in the presence of a notary public. 
• Your spouse and other eligible dependents can enroll in the plan's insurances during your lifetime whether you choose the straight life or a survivor option.
• No monthly pension or insurances will continue to any beneficiary upon your death if you choose a straight life option. However, if there are any personal contributions remaining on account when you die, your beneficiary designated at retirement receives the balance in a lump sum payment.
• If you marry after retirement you may be able to switch to a survivor option. Certain conditions and restrictions apply.