Q: If a member selects the Maximum Option or Option 1, can he or she list more than one beneficiary?
A: Yes. A member who selects Maximum Option or Option 1 can list multiple beneficiaries and change them any time after retirement or while participating in DROP. Since these options do not leave a lifetime monthly benefit to a beneficiary, a married member may not select the Maximum Option or Option 1 without the consent of his or her spouse and must submit Form 04-04: Spousal Consent.
Q: If a member selects the Options 2A, 2B, 3, 4A, or 4B can he or she list more than one beneficiary?
A: No. A member choosing Options 2A, 2B, 3, 4A, or 4B can only select one beneficiary at the time of retirement and this beneficiary cannot be changed, except in the event of death of the beneficiary or divorce from the beneficiary.
Q: Does a member’s retirement option automatically revert to the maximum option if a member who chose Option 2A at retirement gets a divorce from the spouse?
A: No. The only way a benefit can revert to the actuarial equivalent of the maximum option after divorce is to submit a certified copy of the court order stating that the member’s spouse has irrevocably relinquished the survivor rights under the option selected by the member. The member would also need to submit Form 10-06: Application for Change in Retirement Benefit Due to Divorce and a payment of $150 for the actuarial calculation.
Q: Can a member change his or her retirement option after the application has been submitted?
A: Yes. A revised application may be submitted prior to the retirement date listed on the application.
Q: Once a member selects the Self-Funded COLA Option, can he or she change the selection?
A: No. The decision to select the Self-Funded COLA is irrevocable.
Q: If a member submits only a death certificate after the passing of a beneficiary, will his or her benefit automatically revert to the maximum option?
A: No. The member must submit Form 10-07: Application for Change in Retirement Benefit Due to Death of a Beneficiary or a signed written request that the benefit be reverted to the maximum option.
Q: Can a member of the Wildlife Agents Plan (WLO) or HAZ Plan (HAZP) select a regular retirement option?
A: No. Members of these plans do not select a retirement option because the benefit is directed by statute.
Q: Can a member of the Judicial Plan, hired prior to January 1, 2011, select a Regular retirement option?
A: Yes. Members of this plan can select the Judicial Maximum Option or any of the seven regular options.
Q: Can a member of the Judicial Plan, hired on or after January 1, 2011, select the Judicial Maximum Option?
A: No. Members of this plan can only select one of the seven regular options.
Q: Can members of HAZ Plan, Judicial Plan and Wildlife Agents Plan select the Self-Funded COLA?
A: Yes. Members of HAZ Plan, Judicial Plan and Wildlife Agents Plan are eligible to select the Self-Funded COLA. If the member selects a retirement option which leave his or her spouse a monthly benefit, then the Self-Funded COLA will be added to the monthly benefit after the member’s death. However, if the beneficiary is not the member’s spouse, then the Self-Funded COLA will not be added to the monthly benefit after the member’s death.
Q: Is the Self-Funded COLA available to Disability retirees?
A: No. The Self-Funded COLA is not available for Disability Retirement.