Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Plan Provisions - Forms of Benefit Payments

   

Normal Form of Benefit Payment

Unless you elect otherwise before retirement, your pension is payable as a Life Annuity.  This is a series of monthly payments payable to you for your life; upon your death, no further payments will be made.

Election of Optional Forms of Benefit Payments

You have the right at any time before your actual retirement date to elect not to have your retirement benefit paid in the Normal Form.  Your benefit would then be paid in the form which you choose.

You may choose among the options described below and revoke any such elections and make a new election at any time before your actual retirement.  You must make such election by written request to the Plan Administrator and such election shall be subject to the approval of the Board of Trustees.  This election also applies to terminated Participants who are eligible for payment of deferred Vested Retirement Benefits.  The options available are as follows:

  1. Option 1 - Joint and Last Survivor Annuity

    You may elect to receive a decreased monthly retirement benefit during your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after your death to your designated Beneficiary for the rest of that Beneficiary’s lifetime.  This election will be null and void if your designated Beneficiary dies before you retire and you do not select another Beneficiary prior to your retirement.

  2. Option 2 - Ten Year Certain and Life Thereafter Annuity

    You may elect to receive a decreased retirement benefit with 120 monthly payments guaranteed.  If you die before receiving 120 payments, the payments will continue until a total of 120 payments have been made.  If you live longer than ten years, payments are continued for the rest of your life, ceasing upon your death.

  3. Option 3 - Other

    In lieu of the other optional forms enumerated in this section, retirement benefits may be paid in any form approved by the Board of Trustees so long as actuarial equivalence with the benefits otherwise payable is maintained.

    Under no circumstances shall the Board of Trustees approve a lump sum distribution of the present value of your accrued benefit.  However, if you so elect, you may receive a distribution of all of your accumulated contributions, plus 3% interest, in lieu of a monthly retirement benefit.

    In no event may the total of benefit payments to you and your Beneficiary be less than your own accumulated contributions plus 3% interest.

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