Option 1

How it Works


This option does not provide a continuance. Upon your death, a lump sum payment of any remaining member contributions becomes payable to your beneficiary. Each month a portion of your benefit is deducted from your contributions until the balance of your contributions is zero. You will continue to receive your benefit, but there would no longer be a benefit payable to your beneficiary. If the named beneficiary dies before you, a new beneficiary may be designated.