In addition to the basic straight-life benefit option, APERS offers four others that may allow members to extend their retirement benefits beyond their lifetime to one or more beneficiaries. This article describes two of the options: A-120 and A-60.
What is an "A" Option?
The "A" benefit options have three distinguishing features.
- "A" option benefits are calculated as a percentage of the member's straight life rate
- Under the "A" options, members can name anyone they want as a beneficiary, and they can designate more than one. In the case of multiple beneficiaries, each will receive an equal share of the benefits.
- The "A" options pay a monthly annuity directly to the retiree for life. If the retiree dies before receiving a set number of monthly benefits, the retiree's beneficiaries will receive the remaining monthly benefits.
If you retire under option A-120, you receive a monthly annuity at 94% of your straight life rate. This monthly benefit is payable to you for your lifetime. In the event of your death before you have received 120 monthly payments, your beneficiary is entitled to the same annuity for the balance of the 120 months.
If you retire under option A-60, you receive a monthly annuity at 98% of your straight life rate. This monthly benefit is payable to you for your lifetime. In the event of your death before you have received 60 monthly payments, your beneficiary is entitled to the same annuity for the balance of the 60 months.
Changes in Marital Status and the "A" Options
If you elect one of the "A" options and you marry after retirement or within one year of retirement, you may choose to cancel your A-120 or A-60 option and elect option B-50 or B-75, providing continuing lifetime benefits to your spouse.
For more information about your retirement benefit options, download the Retirement Benefit Options brochure (PDF) on the Publications page.