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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 option or your designated survivor pension beneficiary. If you marry after your pension begins, you may be able to name your new spouse as a pension beneficiary under certain conditions. Your pension is a lifetime benefit 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.
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.
Click on a topic below for more information:
- Full Retirement / Straight Life.
- Survivor Options.
- Equated Plan.
- Early Reduced.
- Equated and Survivor Options.
Recommended resources for help in estimating your pension
Benefit Estimator in miAccount:
This handy online estimator uses your age, wage, and service information to quickly estimate your future monthly pension.
Planning Your Retirement online presentation:
View our on-demand retirement presentation, available anytime you want. An experienced Michigan Office of Retirement Services representative fully explains the plan and the process.