BENEFIT PAYMENT OPTIONS
Upon retirement, ERF members who have a beneficiary choose one of the following three payment options:
10 YEAR CERTAIN
The beneficiary receives a full benefit from the plan for 120 months.
The beneficiary receives one-half of the full benefit for his or her lifetime.
This option is only available if the member has at least 15 years of service or the member is over the age of 60. The beneficiary will receive the same reduced pension the member would have received - based on the age of both the member and the beneficiary.
As a beneficiary with either the one-half or full survivor option and you die before receiving the balance of the 120 payments, your designee or estate will be paid the actuarial equivalent of the remainder in a commuted lump sum payment.