Skip to main content

Retirement Annuity Options

Annuity options are the different ways in which you can decide to receive your pension benefit once you're able to retire. The ASRS offers a variety of annuity options from which members may select upon retirement. Some members prefer to take a higher monthly pension benefit, while other members wish to take a reduced monthly pension that also leaves a beneficiary with a monthly benefit for the rest of their life once the retiree passes away.

Please review the options below to learn which annuity option may be best for you. If you would like to generate a personalized retirement estimate, you can do so within your secure myASRS account.

Note that annuity selections are made at the time of retirement and in most cases are irrevocable.

Annuity Option Explanations

Important Note for Married Members

Married members are required to designate their spouse as a primary beneficiary to receive at least 50% of their account and elect a Joint and Survivor annuity option. A spouse may waive this right with a Spousal Consent form.

1. 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.

2. Joint and Survivor Options

Provides a reduced monthly benefit for life. Upon your death, the ASRS will pay an ongoing monthly benefit to your beneficiary for the rest of their life based on the option selected:

  • 100% Survivor Benefit: Pays 100% of your monthly benefit to your beneficiary.
    (Beneficiary must be your spouse, or a non-spouse who is not more than 10 years younger than you.)
  • 66 ⅔% Survivor Benefit: Pays 66 ⅔% of your monthly benefit to your beneficiary.
    (Beneficiary must be your spouse, or a non-spouse who is not more than 24 years younger than you.)
  • 50% Survivor Benefit: Pays 50% of your monthly benefit to your beneficiary.
    (There are no age restrictions for the beneficiary.)

3. Life Annuity - Term Certain Options

Provides a reduced monthly benefit for a set period. After all guaranteed payments are made, your benefit is automatically adjusted to your Straight Life Annuity amount for the rest of your life. If your death occurs before receiving all guaranteed payments, the remaining payments will be paid to your beneficiary.

  • 5-Year Certain: 60 guaranteed monthly payments. (Retiree must be age 103 or younger.)
  • 10-Year Certain: 120 guaranteed monthly payments. (Retiree must be age 92 or younger.)
  • 15-Year Certain: 180 guaranteed monthly payments. (Retiree must be age 84 or younger.)