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Statewide Defined Benefit Plan for members of affiliated Social Security Employers <br />Option 3 <br />50% Last <br />Survivor <br />Benefits <br />Under Option 3, a reduced normal, deferred, early or vested retirement pension will be shared <br />by the retiree and their designated beneficiary. Upon the death of either the retiree or the <br />designated beneficiary, one-half of the same reduced pension will be paid to the survivor for life. <br />The table below* can be used to estimate the benefit amount anticipated if Option 3 is elected <br />at retirement. <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />• 3 53 <br />• 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 />0.928 <br />0.933 <br />0.937 <br />0.941 <br />0.946 <br />0.951 <br />0.957 <br />0.962 <br />0.968 <br />0.975 <br />0.982 <br />0.989 <br />0.996 <br />1.004 <br />1.012 <br />1.020 <br />1.029 <br />1.038 <br />1.047 <br />1.057 <br />1.067 <br />0.921 <br />0.925 <br />0.929 <br />0.934 <br />0.939 <br />0.944 <br />0.949 <br />0.955 <br />0.961 <br />0.967 <br />0.974 <br />0.981 <br />0.988 <br />0.996 <br />1.004 <br />1.012 <br />1.021 <br />1.030 <br />1.039 <br />1.049 <br />1.059 <br />0.913 <br />0.917 <br />0.921 <br />0.926 <br />0.931 <br />0.936 <br />0.941 <br />0.947 <br />0.953 <br />0.959 <br />0.966 <br />0.973 <br />0.980 <br />0.988 <br />0.996 <br />1.004 <br />1.013 <br />1.022 <br />1.031 <br />1.041 <br />1.051 <br />0.905 <br />0.909 <br />0.913 <br />0.918 <br />0.922 <br />0.927 <br />0.933 <br />0.938 <br />0.944 <br />0.951 <br />0.957 <br />0.965 <br />0.972 <br />0.980 <br />0.988 <br />0.996 <br />1.005 <br />1.014 <br />1.023 <br />1.033 <br />1.043 <br />0.896 <br />0.900 <br />0.904 <br />0.909 <br />0.914 <br />0.919 <br />0.924 <br />0.930 <br />0.936 <br />0.942 <br />0.949 <br />0.956 <br />0.963 <br />0.971 <br />0.979 <br />0.987 <br />0.996 <br />1.005 <br />1.014 <br />1.024 <br />1.034 <br />0.887 <br />0.891 <br />0.895 <br />0.900 <br />0.905 <br />0.910 <br />0.915 <br />0.921 <br />0.927 <br />0.933 <br />0.940 <br />0.947 <br />0.954 <br />0.962 <br />0.970 <br />0.978 <br />0.987 <br />0.996 <br />1.005 <br />1.015 <br />1.025 <br />0.878 <br />0.882 <br />0.886 <br />0.891 <br />0.896 <br />0.901 <br />0.906 <br />0.912 <br />0.918 <br />0.924 <br />0.931 <br />0.938 <br />0.945 <br />0.953 <br />0.961 <br />0.969 <br />0.978 <br />0.987 <br />0.996 <br />1.006 <br />1.016 <br />0.868 <br />0.872 <br />0.877 <br />0.881 <br />0.886 <br />0.891 <br />0.896 <br />0.902 <br />0.908 <br />0.914 <br />0.921 <br />0.928 <br />0.935 <br />0.943 <br />0.951 <br />0.959 <br />0.968 <br />0.977 <br />0.986 <br />0.996 <br />1.006 <br />0.859 <br />0.863 <br />0.867 <br />0.871 <br />0.876 <br />0.881 <br />0.887 <br />0.892 <br />0.898 <br />0.904 <br />0.911 <br />0.918 <br />0.925 <br />0.933 <br />0.941 <br />0.949 <br />0.958 <br />0.967 <br />0.976 <br />0.986 <br />0.996 <br />0.848 <br />0.852 <br />0.857 <br />0.861 <br />0.866 <br />0.871 <br />0.876 <br />0.882 <br />0.888 <br />0.894 <br />0.901 <br />0.908 <br />0.915 <br />0.923 <br />0.931 <br />0.939 <br />0.948 <br />0.957 <br />0.966 <br />0.976 <br />0.986 <br />0.838 <br />0.842 <br />0.846 <br />0.850 <br />0.855 <br />0.860 <br />0.866 <br />0.871 <br />0.877 <br />0.883 <br />0.890 <br />0.897 <br />0.904 <br />0.912 <br />0.920 <br />0.928 <br />0.937 <br />0.946 <br />0.955 <br />0.965 <br />0.975 <br />Example of Option 3 <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 .968 = $13,915.00 or $1,159.58 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 />6 <br />