You must choose your payment option when you apply for your pension. After your retirement effective date, you will not be able to change your election or your designated survivor beneficiary for any reason. Your pension is a lifetime benefit paid monthly and it cannot be cashed out once you retire.
Read carefully, ask questions, estimate under various scenarios, talk with your family - but do it before you sign your application papers.
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Remember, all pension calculations begin by figuring your straight life amount. Your straight life amount is then adjusted, depending on which plan or option you are choosing.
Recommended Resources For Help In Estimating Your Pension
This handy online calculator lets you key in your age, wage, and service information, and quickly estimates your future monthly pension.
Preretirement Orientation Seminars:
If you're within three to five years of retirement you may wish to attend a preretirement seminar. Experienced ORS representatives will fully explain the plan and the process before fielding questions from the audience.