Retirement Benefit Payment Options

As a retiree, you will receive a monthly retirement benefit for the rest of your life. In addition, we have retirement payment options that add financial flexibility and allow you to provide for loved ones after your death.

• Retirement Options KPERS Tier 1 (PDF, 233KB)
• Retirement Options KPERS Tier 2 (PDF, 224KB)
• KP&F Retirement Options Booklet (PDF, 356KB)

Maximum Monthly Benefit Option
This option is the maximum monthly benefit you can receive. There is no continued monthly benefit after your death.

Joint-Survivor Option
You can provide a continuing monthly benefit for someone after your death. Survivor benefits are equal to 50 percent, 75 percent or 100 percent of your benefit and are paid for the rest of your survivor's life. To provide this continuing benefit, your monthly benefit is reduced. Your benefit decreases as your joint annuitant's benefit increases.

Life-Certain Option
If you die within a guaranteed period of time from retirement, your beneficiary will receive the same monthly benefit for the rest of that guaranteed period. Your monthly payments are reduced based on whether you chose the five-, ten-, or 15-year life-certain option. You can change beneficiaries at any time.

Partial Lump-Sum Option
You can take part of your retirement benefit in an up-front lump sum at retirement. This lump sum is then combined with one of the other retirement options to provide reduce, regular monthly payments for the rest of your life. KPERS Tier 1, all KP&F and Judges have the PLSO is available in 10, 20, 30, 40 or 50 percent amounts of the actuarial present value of your benefit. KPERS Tier 2 members can choose a 10, 20 or 30 percent option.