Beneficiary Designation
Should you pass away prior to retirement, you may select a beneficiary (or multiple beneficiaries) to receive a lump sum of all your contributions and interest.
Alternatively, you may select what is known as an "Option D" beneficiary, who would receive a monthly pension for life based on your service. "Option D" benefits are limited to either a spouse, child, sibling, parent, or former spouse who has not remarried.
If your spouse is named as the lump sum beneficiary, and no "Option D" beneficiary is named, then in most instances your spouse will have the right to elect to receive either the "Option D" benefit or a lump sum payment. If your spouse is named as the "Option D" beneficiary, then they will receive the "Option D" benefit with no opportunity to elect to receive a lump sum payment.
Your beneficiary designation can be changed at any time, and remains in effect until it is either changed, or you retire.
Alternatively, you may select what is known as an "Option D" beneficiary, who would receive a monthly pension for life based on your service. "Option D" benefits are limited to either a spouse, child, sibling, parent, or former spouse who has not remarried.
If your spouse is named as the lump sum beneficiary, and no "Option D" beneficiary is named, then in most instances your spouse will have the right to elect to receive either the "Option D" benefit or a lump sum payment. If your spouse is named as the "Option D" beneficiary, then they will receive the "Option D" benefit with no opportunity to elect to receive a lump sum payment.
Your beneficiary designation can be changed at any time, and remains in effect until it is either changed, or you retire.