Payment Options > Full Retirement

Your full retirement pension calculation begins by determining your straight life option amount. Every calculation for other payment options (survivor, equated, early reduced) begins with a calculation of your straight life pension.

The following describes straight life calculations for regular state employees, covered employees responsible for the care and supervision of prisoners, and conservation officers.

Straight Life Option / Regular

If you choose the straight life option, you receive the maximum monthly pension payable throughout your lifetime. No ongoing pension payments or insurance are provided to your survivors. 

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

Additional notes about the straight life option.

• If you are married and choose a straight life option or name a beneficiary other than your spouse, 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 state-sponsored insurance benefits during your lifetime whether you choose the straight life or a survivor option.
• No monthly pension payments or insurance benefits 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 (from service prior to 1974, or any service credit purchases and interest), there will be a lump-sum payout to the person you have named as your Defined Benefit plan refund beneficiary. If you have personal contributions on account, be sure to keep your refund beneficiary designation up-to-date.

Straight Life Option / Covered Employees

If you choose the straight life option, you receive the maximum monthly pension payable throughout your lifetime. No ongoing pension payments or insurance are provided to your survivors.

As a covered employee (responsible for the care and supervision of prisoners), you qualify to receive a supplemental pension in addition to your straight life benefit until age 62. First figure your straight life pension using the Straight Life / Regular formula, then add it to your supplemental pension calculation.

Your supplemental pension is calculated as follows: Multiply your FAC times one-half percent (.005) times your covered years of service. The month after you turn 62, your supplemental pension will stop and you will receive your straight life pension only.

After you calculate your straight life benefit, you can go on to figure your pension under any of the survivor options. Note, however, that the supplemental portion of your pension is for your lifetime only and cannot be transferred to a survivor.

Covered employees cannot choose the early reduced benefit or equated plans.  

Please also see Additional rules about the straight life option under Straight Life Option / Regular.

Straight Life Option / Conservation Officers

If you choose the straight life option, you receive the maximum monthly pension payable throughout your lifetime. No ongoing pension payments or insurance are provided to your survivors.

The annual straight life calculation for a conservation officer is 60 percent of the 2-year FAC.

After you calculate your straight life pension, you can go on to figure your pension under any of the survivor options and the equated plans. Because conservation officers qualify under special eligibility rules, you cannot choose the early reduced retirement.

Please also see Additional rules about the straight life option under Straight Life Option / Regular.