When you apply for a service or disability retirement, you must select a benefit option. This option generally cannot be changed after you retire. (You are considered a retiree on the first of the month in which you retire.)
If you are married, the law requires that you provide the written consent of your spouse to the benefit option you choose. This consent must be in writing and must be witnessed by a notary. If consent is not provided, the law requires that an Option 3 benefit be paid with your spouse as beneficiary.
Standard option
This option pays you a benefit for your lifetime only.
Joint and 100 percent survivorship
Under this option, you receive 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
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.
On July 1 of every year following your first full year of retirement, your monthly benefit will be adjusted by the percentage change in the Consumer Price Index (CPI-U, Seattle), to a maximum of three percent per year.
Once you retire you may change your benefit option and beneficiary only by returning to active membership, except in the following circumstances:
For more information see the DRS brochure Can I change my benefit option or beneficiary designation after I retire? This brochure is available on this Web site or from DRS.