Available to members effective January 1, 2024
This option provides a one-time payment equal to 12, 24, 36, 48, or 60 times the monthly benefit under the Survivorship 100% Option, plus a monthly payment to the retired member until death. The monthly payment is actuarially reduced to reflect the lump-sum payment amount. This lump-sum is paid separately by check and mailed; however, the monthly benefit payment is direct deposit. Learn more about the PLSO
Survivor Benefits: If the member dies before the beneficiary, the beneficiary is eligible for the same monthly benefit.
Insurance Coverage: The beneficiary is eligible for monthly benefits and may participate in the insurance program if eligible.