Selected Retirement Option
Special Option 4 w/Present Value Guarantee - Provides you with a lifetime monthly payment and upon your death, your designated survivor will receive a lifetime monthly payment equal to a percentage of the payment you had been receiving. The amount your survivor will receive was determined by you at the time you retired.
Following the death of your survivor, if the sum of the payments made to you and your survivor is less than the initial value of your SERS benefit at the time you retired, then the difference – or "remaining present value" – will be paid to your beneficiaries.
You cannot change this option selection or your designated survivor unless your survivor dies, or you get married or divorced. Contact your SERS retirement counselor at 1-800-633-5461 for more information.
The full terms of your retirement benefit are set forth in the Application for Annuity filed with SERS when you retired.
The remaining present value/death benefit as of 12/31/13 is $XX,XXX.XX. (unaudited)