1. Straight Life Annuity: An adjusted monthly retirement income payable during your lifetime and ending with the first day of the month in which your death occurs.

2. Life with 10 Years Guaranteed: A monthly retirement income payable during your lifetime. If you should die before receiving monthly payments for a period of 120 months (10 years), the retirement income will continue to be paid to your beneficiary until the number of guaranteed monthly payments have meen made.

3. Contingent Annuitant Option: An adjusted monthly retirement income payable during your lifetime with the provision that after your death, 100 percent, 66 2/3 percent, or 50 percent of such retirement income will be payable monthly to your beneficiary during the remainder of their life. In the event your beneficiary predeceases you, you will continue to receive the same monthly amount as was payable during your joint lifetimes.

4. Joint Survivor Option: An adjusted monthly retirement income payable during the joint lifetime of you and your beneficiary. After the death of either you or your beneficiary, 100 percent, 66 2/3 percent, or 50 percent of such adjusted retirement income will be payable to the survivor during the remaining life of such survivor.

5. Joint Survivor with Ten Year Guarantee Option: An adjusted monthly retirement income payable during the joint lifetime of you and your beneficiary. After the death of either you or your beneficiary, 100 percent, 66 2/3 percent, or 50 percent of such adjusted retirement income will be payable to the survivor during the remaining life of such survivor; except that in the event the survivor dies before a total of 120 monthly payments have been made, the commuted value of the remainder of the guaranteed monthly payments shall be paid to the survivor’s beneficiary in one lump sum.

NOTE: If you were hired before 1980 and transferred to the Faculty Retirement Plan you may have a frozen benefit in the Employees’ Retirement Plan. Please contact Benefits Administration at 305-284-6349 for a calculation of your frozen benefit.