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Retirement Annuity Options

The ASRS offers a variety of annuity options from which members may select upon retirement. Annuity selections are made at the time of retirement and in most cases are be irrevocable.

Note: Members who are married are required to name their spouse a beneficary and are required to select a joint-and-survivor annuity of 50 percent or more. A spouse may waive this right with a Spousal Consent form.

Click the picture below to learn the difference between the various benefit options in a self-paced, interactive format.

Annuity Options Tutorial

RETIREMENT ANNUITY OPTIONDESCRIPTION

Straight Life Annuity

Provides a monthly benefit for life. If your death occurs before all of your contributions plus interest have been paid, the remaining balance will be paid to your beneficiary. There is no ongoing benefit to a beneficiary in the event of the member’s death.

Life Annuity

5-Year Certain

Provides a reduced monthly benefit for life. If your death occurs before receiving 60 monthly payments, the ASRS will pay the remaining payments to your beneficiary until all 60 have been made. Retiree must be age 103 or younger.

Life Annuity

10-Year Certain

Provides a reduced monthly benefit for life. If your death occurs before receiving 120 monthly payments, the ASRS will pay the remaining payments to your beneficiary until all 120 have been made. Retiree must be age 92 or younger.

Life Annuity

15-Year Certain

Provides a reduced monthly benefit for life. If your death occurs before receiving 180 monthly payments, the ASRS will pay the remaining payments to your beneficiary until all 180 have been made. Retiree must be age 84 or younger.

Joint and Survivor

100%

Provides a reduced monthly benefit for life. Upon your death, the ASRS will pay 100% of your monthly benefit to your beneficiary for the rest of their life. You may choose this option if your beneficiary is your spouse or a non-spouse who is not more than 10 years younger than you.

Joint and Survivor

66 2/3%

Provides a reduced monthly benefit for life. Upon your death, the ASRS will pay a benefit to your beneficiary for the rest of their life.  The payment to your beneficiary will be equal to 66 2/3% of your monthly benefit. You may choose this option if your beneficiary is your spouse or a non-spouse who is not more than 24 years younger than you.

Joint and Survivor

50%

Provides a reduced monthly benefit for life. Upon your death, the ASRS will pay a benefit to your beneficiary for the rest of their life. The payment to your beneficiary will be equal to 50% of your monthly benefit. There are no age restrictions for the beneficiary.

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