- Jurisdiction
- Oklahoma
I retired at age 56 in 2006. I was eligible for a small pension at that time. This was presented to me:
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(This is verbatim from my Employee Handbook)
LEVEL INCOME BENEFIT OPTIONS:
These optional benefit payment methods are designed to keep your income level during
your retirement years.
Under these two options, you receive a higher benefit payment until you are eligible
to begin receiving Social Security benefits (at age 62). One you attain age 62, your
plan benefit will be reduced by the Social Security amount the Plan estimated you
would receive at age 62 and used in calculation of your benefit from the Plan. Your two
benefit payment options are: (NOTE-my Social Security estimate would have been HIGHER
than $1055.03)
1. LIFE-ONLY BENEFIT OPTION --- payments are made to you during your lifetime only. No
benefits will be paid after your death
2. 50% JOINT AND SURVIVOR OPTION --- a benefit amount is paid to you until you reach
age 62. At that time,your benefit amount is reduced by the previously calculated
age 62 Social Security benefit (mine would have been higher than $1055.03). Upon your death, your spouse will receive a benefit amount which is 50% (fifty percent) of your applicable benefit, based on your age.
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The options below are from the written estimate of benefits I received at retirement (see file attached)... from which I could choose...there were a total of 12 options like Straight Life, 100% Joint and Survivor, etc)...there were two options labled "LEVEL INCOME 50% JOINT AND SURVIVOR". I chose the top one below, "LEVEL INCOME 50% JOINT AND SURVIVOR < 62".
Participant Spouse/Survivor
LEVEL INCOME 50% JOINT AND SURVIVOR < 62 $1055.03 $527.51 (I chose this option)
LEVEL INCOME 50% JOINT AND SURVIVOR >= 62 $0.00 $0.00
So, I opted for "LEVEL INCOME 50% JOINT AND SURVIVOR < 62", and received
payments of $1055.03 per month between 2006 and my 62nd birthday in 2012. At that time, the payment stopped, as expected.
The question is: If I were to die at age 70, what benefit (if any) would my spouse receive?
Thank you,
Susan
*************************************************************************************
(This is verbatim from my Employee Handbook)
LEVEL INCOME BENEFIT OPTIONS:
These optional benefit payment methods are designed to keep your income level during
your retirement years.
Under these two options, you receive a higher benefit payment until you are eligible
to begin receiving Social Security benefits (at age 62). One you attain age 62, your
plan benefit will be reduced by the Social Security amount the Plan estimated you
would receive at age 62 and used in calculation of your benefit from the Plan. Your two
benefit payment options are: (NOTE-my Social Security estimate would have been HIGHER
than $1055.03)
1. LIFE-ONLY BENEFIT OPTION --- payments are made to you during your lifetime only. No
benefits will be paid after your death
2. 50% JOINT AND SURVIVOR OPTION --- a benefit amount is paid to you until you reach
age 62. At that time,your benefit amount is reduced by the previously calculated
age 62 Social Security benefit (mine would have been higher than $1055.03). Upon your death, your spouse will receive a benefit amount which is 50% (fifty percent) of your applicable benefit, based on your age.
****************************************************************************************
The options below are from the written estimate of benefits I received at retirement (see file attached)... from which I could choose...there were a total of 12 options like Straight Life, 100% Joint and Survivor, etc)...there were two options labled "LEVEL INCOME 50% JOINT AND SURVIVOR". I chose the top one below, "LEVEL INCOME 50% JOINT AND SURVIVOR < 62".
Participant Spouse/Survivor
LEVEL INCOME 50% JOINT AND SURVIVOR < 62 $1055.03 $527.51 (I chose this option)
LEVEL INCOME 50% JOINT AND SURVIVOR >= 62 $0.00 $0.00
So, I opted for "LEVEL INCOME 50% JOINT AND SURVIVOR < 62", and received
payments of $1055.03 per month between 2006 and my 62nd birthday in 2012. At that time, the payment stopped, as expected.
The question is: If I were to die at age 70, what benefit (if any) would my spouse receive?
Thank you,
Susan