Pension Payment Options & Annuity Factors

Option and annuity factors are actuarial values used to calculate monthly retirement benefit payments for members who select an optional retirement allowance. The basic allowance is the maximum monthly retirement allowance payable at retirement. Optional allowances reduce the basic allowance but provide different forms of survivor benefits for your designated beneficiaries. 

Your retirement option cannot be changed once your first retirement payment becomes normally due. Because this is an important and permanent decision, you should carefully consider your financial needs and the needs of your beneficiary before making your selection. 

For more information about the retirement payment options available to you, please watch the educational video or review the informational pamphlet below. 

Choosing an Allowance Option Video 

Choosing an Allowance Option Pamphlet 

For more detailed information, please review the benefits handbook for your System of participation.  

Benefit Annuity Value and Option factors: 

Employees – Service Retirement Employees – Disability Retirement Teachers – Service Retirement Teachers – Disability Retirement CORS, State Police and LEOPS – Service Retirement CORS, State Police and LEOPS – Disability Retirement Judges – Service Retirement Judges – Disability Retirement Legislators – Service Retirement Legsilators – Disability Retirement