Marriage
Marriage after Retirement
If you selected Plan B as your plan of payment at retirement, and you:
- Were single and now plan to get married, you can select a new plan of payment, providing for your new spouse.
- Remarried after retirement, you can select a new plan providing for your new spouse.
The options are:
Plan A: Joint Life – One-Half to Spouse
Half of your gross monthly pension is paid to your spouse upon your death. Once your spouse becomes the recipient, payment to your spouse is for his or her lifetime.
Plan C: Joint Life – Designated Amount to Beneficiary
You can designate a set percentage or amount for your beneficiary for your beneficiary’s life. This cannot exceed whatever you received; but, if an amount is designated, the minimum must be $100 a month. Federal tax law may require a different minimum amount; in this case, the benefit estimate will show the correct minimum amount allowable.
Plan D: Joint Life – Same Amount to Beneficiary
Plan D provides the same gross monthly amount to your beneficiary that you were drawing at the time of death. Due to federal tax law, if there is too great a difference in the ages between you and your beneficiary other than your spouse, this plan may not be available.
Plan F: Joint Life – Multiple Beneficiaries
You may name up to four people to receive monthly benefits upon your death. Each additional beneficiary named reduces your own pension. You must designate a percentage of your monthly pension OR a flat dollar amount for each beneficiary. The amount designated cannot be less than 10% unless required by a court order, and the amount for all beneficiaries cannot exceed 100%. If you are required by a court order to provide a benefit for an ex-spouse, include a copy of the court order. If you select this plan, you will be sent a separate form for designation of beneficiaries. This form must be received by SERS before benefits are paid.
You must make this change within one year of the marriage.
