The options available to you regarding your lifetime pension from MEPP depend on whether or not you have a spouse when you retire.
If you do not have a spouse when you retire, you will have a single life pension that is:
- payable for as long as you live; and
- guaranteed to be paid for at least 15 years or 180 payments.
If you die before you have received 180 payments, your designated beneficiary receives the remaining payments. If you die after you have received the 180 payments, your pension stops at your death.
If you have a spouse at retirement you will receive a joint pension and must choose a guarantee period and survivor benefit:
- guarantee period – the minimum length of time the full monthly pension will be paid; and
- survivor benefit – what percentage of your full monthly pension will be paid to your joint pensioner (spouse) if you die after the guarantee period.
Please review the MEPP In-Depth on Pension Options for more details on your retirement options.
Retirement Information Consultants
MEPP has Retirement Information Consultants who are CERTIFIED FINANCIAL PLANNER™ or QUALIFIED ASSOCIATE FINANCIAL PLANNER® professionals. They are here to help guide you through this process. Please call and schedule an individual consultation, or sign up online for a PREPARE workshop.
Related links:
- Retirement Checklist
- MEPP In-Depth on Pension Options
- MEPP In-Depth on Spousal Waiver at Retirement
- Applying for Pension
- Spouse's Waiver of 60% Post-Retirement Survivor Benefit form
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