Group annuities retirement center

Selecting the appropriate benefit payment option for you is important.

Once you receive our benefit information package, review all the materials enclosed. In particular, review the retirement benefit options carefully to determine which option is best for you. Benefit options commonly include:

Single life annuity

• You will receive regular, recurring payments for the duration of your lifetime. Upon your passing, all payments will cease, and there will be no further payment due to your survivors.
  

Joint and survivor annuity

• You will receive regular, recurring payments for the duration of your lifetime. Upon your passing, your surviving spouse or designated contingent annuitant, if your employer’s contract allows, will be eligible to continue receiving a percentage of your payments for the remainder of their lifetime. 

Note: The benefit option you choose and the contingent annuitant you designate upon your retirement are irrevocable. Please consider your options carefully before submitting your paperwork.

To learn about terms you see in our package you may be unfamiliar with, view our glossary.

Additional documentation may be required along with your Payment election form.

Your benefit information package will include a Payment election form, which you must complete and return to us to choose your benefit option.

Review this form carefully to determine if there any additional documents you must submit along with your form in relation to your situation and benefit option. We will not be able to start your benefit until we receive all requirements.

Examples of documentation that may be required include:

• Copy of your birth certificate, driver’s license, or passport
• Marriage or death certificate of spouse
• Qualified domestic relations order
• Voided check for electronic payments
• State tax withholding forms
• Notarized spousal signature