Montana Public Employees' Retirement System Handbook 1994 May

Cover Montana Public Employees' Retirement System Handbook 1994 May
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All monthly benefit payments end when the retiree dies.
Option 2 pays a smaller monthly amount for as long as the retiree lives and, upon the retiree's death, continues to pay the same amount to the contingent annuitant. The Option 2 benefit is computed by multiplying the Option 1 benefit by the Option 2 factor (found in Table III on page 25).
The Option 2 factor is based upon the difference in age between the retiree and the contingent annuitant.
Option 3 pays a larger monthly amount than Opti
...on 2, but less than Option 1, for as long as the retiree lives. Upon the retiree's death, the contingent annuitant will receive 1/2 the monthly benefit the retiree received at the time of death. The Option 3 factor is also based upon the difference in ages and the Option 3 benefit is computed by multiplying the Option 1 benefit by the Option 3 factor (found in Table III on page 25).
Option 4 pays the retiree a monthly benefit for as long as the retiree lives. If the retiree dies prior to receiving benefits for a "certain" or guaranteed period of time, the monthly benefit will continue to the contingent annuitant(s) for the remainder of the guaranteed time period and will then cease.


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