Benefit Options

You can choose to collect your monthly benefit for life, or you can receive a lump sum of your employee contributions plus interest. 

Single-Life Benefit Option

The single-life benefit is payable to you for your lifetime only. This is the largest monthly benefit option available. Upon your death, any remaining balance of your contributions will be paid as a lump sum to your beneficiary(ies), and the account is closed.

Survivor Benefit Option

You may choose to extend your monthly benefit across a second lifetime by naming a survivor. Instead of a single life benefit, you may select one of four survivor options–25%, 50%, 75%, or 100%. Your monthly amount is reduced, and the reduction is based on your chosen survivor’s age—the younger the survivor, the larger the reduction.

Refund of Your Account

You can take a refund of your employee contributions plus interest or roll over your account balance to another tax qualified plan. Carefully consider this option. If you take a refund or roll over, you forfeit all future benefits from PERA and will not receive a monthly benefit.

If you choose a lump-sum payment, your employer’s contributions will remain with PERA, regardless of your vesting status or years of public service. Employer contributions are used to pay out monthly retirement, disability, and survivor benefits.