Option 1


This option pays you a slightly reduced monthly retirement benefit with the provision that your accumulated contributions, less the sum of the monthly annuity payments received by you, will be paid to your beneficiary as a lump sum upon your death. In other words, if at your death there are any remaining retirement contributions that have not been “paid out” to you as monthly benefit payments, the remaining funds would be paid to your designated beneficiary. However, your VCERA benefit is still payable for life, regardless of your contribution balance.

Option 1 allows you to designate your estate as your beneficiary and to name a new beneficiary after retiring.