Annuity Choices

When you apply for your annuity, you can choose from:

• Single-Life
• Joint-and-Survivor (which has two options)
• 15-Year-Certain-and-Life-Thereafter

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Single-Life

All monthly benefits are calculated from service length, the five high-year average salary, and age. The product determined from these is the Single-Life annuity amount. This amount is the highest monthly benefit available to you. This annuity ends with your death.

Once your first payment is deposited, you can't name a survivor or choose survivor protection.

Joint-and-Survivor with Options

If you prefer to receive a lesser monthly benefit to provide a lifetime annuity for your named survivor after your death, you must choose the Joint-and-Survivor annuity.

This annuity payment to you and your survivor equals the amount the General Plan expects to pay you under the Single-Life annuity, however, the amount is spread out across two lifetimes, You can name anyone as your survivor with this annuity. Once payment begins, your choice cannot be changed. Survivor always means the person you name on your annuity application.

Payment to your survivor begins the first of the month following your death. If your survivor dies first, your annuity payments bounce back to the Single-Life benefit. This bounce-back benefit begins the first of the month after your survivor's death.

You have two Joint and Survivor options. Please call Employee Benefits at 612-624-8647 or 800-756-2363 for a complete description of your options.

15-Year-Certain-and-Life-Thereafter

This provides a reduced monthly payment and a guarantee that the annuity will be paid for a minimum of 15 years. If you live beyond 15 years, the payment continues throughout your lifetime. If you die before 15 years have passed, your payment continues to your survivor for the balance of those years. A lump sum of any remaining benefit is paid to your estate if both deaths precede the 15-year guarantee, or if you name your estate as survivor. This option reduces your annuity by about 10%. You can't name your spouse as survivor.

Once you have cashed your first payment, you can't change your named survivor or the option selected.