When you apply for a service or disability retirement, you must select a benefit option. You may choose an option which continues benefits to an eligible survivor.
If you are married, the law requires that you provide your spouse’s consent 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 the beneficiary. The service and disability retirement applications contain provisions for spousal consent.
If you select a survivor option when you retire, and your beneficiary dies before you or you become divorced from your beneficiary after retirement, you may not name a new beneficiary to receive the monthly survivor benefit. For more information, see Designating a Beneficiary.
This option pays you a benefit for your lifetime. If you die before the total benefits you receive equal your accumulated contributions at the date of retirement, the balance will be paid in a lump sum to your named beneficiary.
Under this option, you receive a benefit that is “actuarially reduced.” If your designated beneficiary survives you, the benefit amount remains the same and your beneficiary continues to receive it for his or her lifetime. If you survive your beneficiary, payments to you continue at the same level and stop at the time of your death.
“Actuarially reduced” means benefit payments are reduced based on factors provided by the Office of the State Actuary. These factors are derived from statistics about life expectancy and projections about the Plan’s investment earnings. An actuarial reduction is necessary when benefits are going to be paid over a longer period of time or to more than one person.
This option also provides a benefit that is actuarially reduced, but the reduction is smaller than in Option 2. If your designated beneficiary survives you, 50 percent of your benefit is paid to your beneficiary for his or her lifetime. If you survive your beneficiary, payments to you continue at the same level and stop at the time of your death.
Eligibility: You may be eligible for a disability retirement benefit if you have served as a judge for at least 10 years and you believe you are permanently disabled “for the full and efficient performance of your duties.”
Benefits will be granted if a physician appointed by JRS finds that you are disabled and the Director of DRS concurs.
The Commission on Judicial Conduct may retire a judge for a disability which is permanent or likely to become permanent and which seriously interferes with the performance of judicial duties.
You must select one of the benefit payment options described under Benefit Options. Your selection is subject to the spousal consent requirement described on the same page. If you select Option 1 (the Standard Option), your disability benefit will be paid at one-half of your final average salary. If you choose a survivor option, your benefits will be actuarially reduced. Your benefit is payable from the first day following termination of your judicial employment.
If you die prior to retirement, your beneficiary will be eligible for benefits as follows.
If you die in service, but before you have 10 years of service credit, or die while not in judicial service and not yet eligible to receive retirement benefits, your beneficiary will be paid your accumulated contributions.
If you die in service with 10 or more years of service credit, or die while no longer in judicial service but after having become eligible to receive retirement benefits, your beneficiary will choose between the following:
If you have fewer than 15 years of service credit, the survivor benefit will be calculated according to the following formula:
Months of service
÷
12
x
3 percent
x
final average salary