Optional Settlement 2
This option provides a retirement benefit that has the largest reduction from that of the Unmodified Retirement Benefit. This option provides 100% continuance of the retirement benefit to your spouse or beneficiary who has an insurable interest in your life. The amount of the retirement benefit under this option is directly affected by the age of the beneficiary. The younger your beneficiary, the more the monthly benefit will be reduced because of their longer actuarial life expectancy. The 100% continuance is payable only to your beneficiary named at the time of retirement and may not be changed at a later date.
Under this option, all payments cease upon the death of both you and your beneficiary. There is no provision for refunding any remaining accumulated contributions should you both die prior to VCERA paying out the total accumulated contributions.