Can I provide for payments to continue to a beneficiary upon my death?
Yes, instead of the Life Annuity option, you can provide protection for a survivor pension beneficiary by selection other optional forms of payment. These optional forms of payment are computed to be the actuarial equivalent of the Life Annuity option pension. This means all of the optional forms of payment have the same cost to the Retirement Plan at the time you retire. They are made available as a convenience to you in planning your personal retirement program.

Once pension payments start, you cannot change the optional form of payment or your survivor pension beneficiary.

Show All Answers

1. How do I know if I am eligible to participate in the General Employee Defined (DB) Retirement Plan?
2. When do I become eligible for normal retirement benefits?
3. How is the amount of my normal retirement benefits computed?
4. When you calculate my pension, what is included in my earnings?
5. Can I retire before I am eligible for normal retirement benefits?
6. How is my early retirement pension computed?
7. How long are pension payments made?
8. Can I provide for payments to continue to a beneficiary upon my death?
9. What happens if I leave City employment before I can retire?
10. What if I leave City employment before I have the required 10 years of credited service?
11. Are benefits paid if I die before I retire?
12. What happens if I am disabled?
13. Who pays for retirement benefits?
14. Can I ever lose the contributions I made to the Plan?
15. What happens to the pension contributions?
16. Who administers the Defined Benefit Plan?
17. What are my medical benefits under the Defined Benefit (DB) Retirement Plan?
18. What is a Deferred Retirement Option Plan (DROP)?
19. Can I purchase prior Military Service?