When you apply for a service or disability retirement, you must select a benefit option. If you are married, the law requires that you provide the written consent of your spouse to the benefit option you choose. Consent must be in writing and must be notarized. If consent is not provided, the law requires that an Option 3 benefit be paid with your spouse as beneficiary. Retirement applications contain the spousal consent authorization.
Standard option
This option pays you a benefit for your lifetime. If you die before the total benefits you receive equal your contributions plus interest at the date of retirement, the balance will be paid in a lump sum to your named beneficiary.
Joint and 100 percent survivorship
This option provides you with a reduced benefit. If your designated beneficiary survives you, the benefit amount remains the same and your beneficiary continues to receive it for his or her lifetime.
Joint and 50 percent survivorship
This option provides you with a reduced benefit. If your designated beneficiary survives you, 50 percent of your benefit is paid to your beneficiary for his or her lifetime.
Joint and 66.67 percent survivorship
Joint and 66.67 percent survivorship This option provides you with a reduced benefit. If your designated beneficiary survives you, 66.67 percent of your benefit is paid to your beneficiary for his or her lifetime.
Once you retire you may change your benefit option and beneficiary only by returning to active membership, except in the following circumstances:
If your monthly benefit is less than $50, you may choose to take a lump sum payment. To determine the lump sum, the projected value of your lifetime benefit will be compared to the total of your contributions plus interest. The greater amount will be paid to you. Anyone receiving such a payment is considered retired from TRS. Only members who retire early for disability or retire as dual members are likely to receive this type of payment.