This option pays you a reduced monthly retirement benefit with the provision that up to 100% of the benefit continues after your death to your spouse or beneficiary, who must have an insurable interest in your life. The amount of your retirement benefit is directly affected by the age of your beneficiary: the younger your beneficiary, the greater the benefit reduction because of their longer actuarial life expectancy. The 100% lifetime continuance is payable only to the beneficiary you name at retirement and may not be changed later, even if the beneficiary pre-deceases you.

Upon the death of you and your beneficiary, VCERA will issue no additional benefit payments. Also, there is no provision to refund any remaining contributions if you and your beneficiary die before VCERA pays out your accumulated contributions.