Payment plans offer multiple choices

OPERS’ flexible benefit options designed to meet a number of needs

By Michael Pramik, Ohio Public Employees Retirement System

August 29, 2024 – OPERS offers three payment plans to those who retire through the Traditional Pension or Combined plans, which offer members flexibility in how they receive their pension benefit.

The three ways to receive benefits are known as the Single Life Plan, the Joint Life Plan and the Multiple Life Plan. Members who annuitize the defined contribution portion of their Combined or Member-Directed plan, Money Purchase Plan or Additional Annuity account also can select one of these payment plans.

• Single Life Plan – This is an annuity that is paid solely to the member for life. It terminates at the member’s death, with no further monthly payments. If the total allowance received does not equal the member’s accumulated contributions and interest, the remaining balance of the guaranteed account is paid to the member’s beneficiaries.
• Joint Life Plan – This is a joint survivor annuity that is paid to the member for life. After the member’s death, payment is made to one beneficiary in a specified amount from 10 to 100 percent. If a member is married at retirement, the member must designate a 50 percent Joint Life Plan to the member’s spouse unless the member obtains spousal consent.
• Multiple Life Plan – This joint survivor annuity provides payment to the member for life. After the member’s death, payment will be made to the member’s surviving beneficiaries. Members are permitted to designate two to four beneficiaries.

The payment plan decision is made at retirement. There are limited situations in which the plan can be changed after retirement if certain life events apply. These situations vary based on the payment plan that you select and the person you name as the beneficiary.

For more information, please refer to the “Retiring from Public Employment” leaflet applicable to your plan – Traditional, Member-Directed or Combined.

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.