| Converting to Option 1 |
|
|
 |
|
|
If you are a retired member who is receiving a service retirement allowance under Lump-Sum settlement Option 2A or Option 3A, you may convert to the allowance that you would have received on your effective date of retirement under Option 1 as provided in ORS 238.305(1) if
- your beneficiary dies; or
- your beneficiary is your spouse and your marriage relationship is terminated as provided by law.
To make this election, you must notify PERS in writing of your request to convert to an Option 1 benefit. Your letter must clearly state that you have an Option 2A or 3A benefit and wish to convert to an Option 1 under one of the circumstances listed above. Along with the letter, include your social security number and a copy of the beneficiary’s death certificate or your divorce decree. Your benefit will be recalculated the month following the date PERS receives your election notification and the higher benefit will be first paid to you the month after that.
|
|
|
|
