What are my benefit options?

If you are married when you apply for a service retirement, you have the choice of the following two benefit options - Option A or Option B. In order to be eligible for a survivor benefit, your spouse must have been married to you before your retirement and continuously thereafter, or have been married to you for at least two years before your death.

Option A

Historic Option

This option pays you a benefit for your lifetime. When you die, your spouse will receive either a monthly benefit equal to your retirement benefit or a benefit equal to 50 percent of your average final salary at the time of your retirement, whichever is less.

Option B

Actuarially Reduced Benefit Option

Under this option, you receive a benefit that is reduced by three percent of the Option A benefit amount. When you die, your spouse will receive a monthly benefit equal to the gross monthly benefit you were receiving at the time of your death.

Changing a benefit option after retirement

Once you retire you may change your benefit option and beneficiary only by returning to active membership, except in the following circumstances:

If you choose the actuarially reduced benefit option (Option B), and your spouse dies before you, your retirement benefit will be adjusted to the higher Option A benefit level. If your spouse dies before you, be sure to notify DRS.
If you choose the actuarially reduced benefit option (Option B), and you divorce, your retirement benefit will be adjusted to the higher Option A benefit level. If you divorce, be sure to notify DRS.
If you retire and then marry, and remain married for at least two years before your death, your spouse automatically becomes your survivor beneficiary. You will receive an Option A benefit. You cannot choose the actuarially reduced Option B benefit after retirement.