Phased Retirement – Survivors Benefit

Phased Retirement

Phased RetirementThe Phased Retirement program as it stands provides no survivor benefit based on the proposed Phased Retirement annuity.

However, if the employee dies prior to full retirement, survivor benefits will be the same as an employee who dies in service.  Some minor adjustments will be made as the special structure of the Phased Retirement program dictates.

Although the Phased Retirement period will be treated as part-time when computing the survivor annuity, the basic Employee Death Benefit will be based on the full-time earnings of the employee’s position. Remember to stay up to date on the current information to ensure your retirement is comfortable and secure. There is no such thing as ‘over-preparation’ when concerning your retirement. Be sure to utilize the links at the bottom of this article to ensure you have a solid understanding of the topic. Individuals under special retirement conditions such as mandatory retirement may not participate in the Phased Retirement program.

P. S.  Always Remember to Share What You Know.

 

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