This option is only available for those KERS and/or CERS members in hazardous positions or those members participating in SPRS.
This option provides a monthly payment guaranteed for 120 months to the member, or if the member dies, to the beneficiary for the remainder of the 120 months. After the 120-month period, the member still retains the insurance benefit but is no longer eligible for any other benefits. This benefit pays a higher monthly amount, but only for ten (10) years. After ten (10) years, this benefit ceases altogether and neither the member nor the beneficiary will receive further payments. In addition, after the ten (10)-year period, there will be no $5,000 death benefit payment at the time of the member's death. Be especially careful when considering this payment option; there will be no income from this option after ten (10) years. If selecting this option, you may be subjected to additional tax penalties.