Retirement Benefits – Overview
The Retirement Only Plan provides income that lasts as long as you live. Lifetime income is provided through a variable annuity. The MMBB Financial Services variable annuity is designed to help your income keep pace with inflation.
Annuity Payment Options
Members may select among several annuity payment options.
- A single life annuity payment option pays annuity benefits to you for as long as you live.
- Joint life payment options pay monthly benefits jointly to you and your spouse or other dependent for as long as you or your dependent live.
- A 10-year certain guarantee is built into all annuities, but may be waived. The guarantee means that annuity payments are not only guaranteed for life, but if you (or you and your joint annuitant) die before the 10 years are up, your beneficiary will receive payment for the remaining balance of the 10-year period.