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Statewide Defined Benefit Plan for members of affiliated Social Security Employers <br />Option 2 <br />50% Survivor <br />Benefits <br />Under Option 2, a reduced normal, deferred, early or vested retirement pension will be paid from <br />the effective date of the retirement or later in the case of a deferred retirement. The reduced <br />pension will continue for the life of the retiree. Upon the death of the retiree, one-half of the <br />same reduced pension will be paid to the retiree's designated beneficiary for life. <br />The table below* can be used to estimate the benefit amount anticipated if Option 2 is elected. <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />"5 53 <br />47. <br />c 54 <br />m 55 <br />6 56 <br />) 57 <br />Q 58 <br />59 <br />60 <br />61 <br />62 <br />63 <br />64 <br />65 <br />Age of Retiree <br />55 56 57 58 59 60 61 62 63 64 65 <br />0.914 <br />0.917 <br />0.919 <br />0.922 <br />0.924 <br />0.927 <br />0.930 <br />0.932 <br />0.935 <br />0.938 <br />0.941 <br />0.943 <br />0.946 <br />0.949 <br />0.951 <br />0.954 <br />0.956 <br />0.959 <br />0.961 <br />0.963 <br />0.966 <br />0.907 <br />0.910 <br />0.913 <br />0.915 <br />0.918 <br />0.921 <br />0.924 <br />0.926 <br />0.929 <br />0.932 <br />0.935 <br />0.938 <br />0.941 <br />0.944 <br />0.946 <br />0.949 <br />0.952 <br />0.954 <br />0.957 <br />0.959 <br />0.962 <br />0.900 <br />0.903 <br />0.906 <br />0.909 <br />0.911 <br />0.914 <br />0.917 <br />0.920 <br />0.923 <br />0.926 <br />0.929 <br />0.932 <br />0.935 <br />0.938 <br />0.941 <br />0.944 <br />0.947 <br />0.950 <br />0.953 <br />0.955 <br />0.958 <br />0.893 <br />0.896 <br />0.898 <br />0.901 <br />0.904 <br />0.907 <br />0.910 <br />0.913 <br />0.917 <br />0.920 <br />0.923 <br />0.926 <br />0.929 <br />0.933 <br />0.936 <br />0.939 <br />0.942 <br />0.945 <br />0.948 <br />0.951 <br />0.954 <br />0.885 <br />0.888 <br />0.891 <br />0.894 <br />0.897 <br />0.900 <br />0.903 <br />0.906 <br />0.910 <br />0.913 <br />0.916 <br />0.920 <br />0.923 <br />0.926 <br />0.930 <br />0.933 <br />0.936 <br />0.940 <br />0.943 <br />0.946 <br />0.949 <br />0.877 <br />0.880 <br />0.883 <br />0.886 <br />0.889 <br />0.892 <br />0.896 <br />0.899 <br />0.902 <br />0.906 <br />0.909 <br />0.913 <br />0.916 <br />0.920 <br />0.924 <br />0.927 <br />0.931 <br />0.934 <br />0.937 <br />0.941 <br />0.944 <br />0.869 <br />0.872 <br />0.875 <br />0.878 <br />0.881 <br />0.884 <br />0.888 <br />0.891 <br />0.895 <br />0.898 <br />0.902 <br />0.906 <br />0.909 <br />0.913 <br />0.917 <br />0.921 <br />0.924 <br />0.928 <br />0.932 <br />0.935 <br />0.939 <br />0.860 <br />0.863 <br />0.866 <br />0.869 <br />0.873 <br />0.876 <br />0.879 <br />0.883 <br />0.887 <br />0.890 <br />0.894 <br />0.898 <br />0.902 <br />0.906 <br />0.910 <br />0.914 <br />0.918 <br />0.922 <br />0.925 <br />0.929 <br />0.933 <br />0.851 <br />0.854 <br />0.857 <br />0.860 <br />0.864 <br />0.867 <br />0.871 <br />0.874 <br />0.878 <br />0.882 <br />0.886 <br />0.890 <br />0.894 <br />0.898 <br />0.902 <br />0.907 <br />0.911 <br />0.915 <br />0.919 <br />0.923 <br />0.927 <br />0.841 <br />0.844 <br />0.847 <br />0.851 <br />0.854 <br />0.858 <br />0.862 <br />0.865 <br />0.869 <br />0.873 <br />0.877 <br />0.882 <br />0.886 <br />0.890 <br />0.894 <br />0.899 <br />0.903 <br />0.907 <br />0.912 <br />0.916 <br />0.920 <br />0.831 <br />0.834 <br />0.838 <br />0.841 <br />0.845 <br />0.848 <br />0.852 <br />0.856 <br />0.860 <br />0.864 <br />0.868 <br />0.873 <br />0.877 <br />0.882 <br />0.886 <br />0.891 <br />0.895 <br />0.900 <br />0.904 <br />0.909 <br />0.913 <br />Example of Option 2 <br />The following example is based on these assumptions: <br />• A member is age 55. <br />• The designated beneficiary is age 53. <br />• The member has completed 25 years of service credit. <br />• The average highest three years' base salary is $50,000.00 per year. <br />• $50,000.00 X 28.75% = $14,375.00 annually; <br />• $14,375.00 X .935 = $13,440.63 or $1,120.05 monthly <br />* The table above is an estimate and for illustrative purposes only and shows some of the factors used to <br />calculate the option. The factors shown are rounded. When implementing the calculation, the retirement <br />age is rounded up or down to the nearest whole age. Tables may be revised periodically. Your benefit will <br />be determined by the exact tables in effect at the time you elect your payment option and begin to receive <br />your benefit or in the case of participation in DROP, when the pension is paid into the DROP account. <br />