What Are My Pension Payment Options?
This site has referenced these options several times without ever explaining them directly. Every MPSERS retiree makes this exact choice — here's what's actually on the table.
💬 GLP Retirement MinuteThe Four Payment Options
| Option | What It Means |
|---|---|
| Straight Life | The highest possible monthly amount. Payments stop entirely at your death — no continuing benefit to a spouse or anyone else. |
| 100% Survivor | A reduced monthly amount now, in exchange for your named beneficiary receiving 100% of that same amount for their lifetime after you die. |
| 75% Survivor | A smaller reduction than the 100% option, with your beneficiary receiving 75% of your amount after your death. |
| 50% Survivor | The smallest reduction of the three survivor options, with your beneficiary receiving 50% of your amount after your death. |
Every survivor option trades a smaller check now for a continuing check to someone else later. There's no free version of this protection — the size of the reduction depends on which percentage you choose and your beneficiary's age relative to yours.
Once you elect a payment option at retirement, it's not something you can revisit later the way you might adjust other financial decisions. See Is My Pension Guaranteed? and the "What If My Spouse Dies?" scenario for how this plays out if your named beneficiary passes away first.
The Equated Plan — A Modifier, Not a 5th Option
The Equated Plan isn't a separate payment choice — it's an option you can layer onto whichever payment option you pick above. It lets you receive a larger pension until age 62, then a permanent reduction once you reach that age.
The idea is to roughly level out your total income before and after Social Security begins — taking more from your pension early (when you likely don't have Social Security yet) and less later (once Social Security is filling part of the gap). See When Can I Start Social Security? for how that timing typically works.
There's no universally "right" choice here — a single person with no dependents has a very different calculus than someone supporting a spouse who'd need continuing income. This is worth thinking through carefully well before your actual retirement application, not deciding in the room.