Two Ways to Protect Your Retirement Income


Lifetime Income Guarantee

A lifetime income guarantee (offered by MetLife) lets you convert some or all of your Investment Plan balance into a stream of future payments that could last your lifetime.
 
For example, a lifetime income guarantee purchased at age 65 with $100,000 of your Investment Plan balance would pay you: Single Life
$4871 monthly
payments for life beginning at age 65; upon death, payments would cease
Joint & Survivor
$4121 monthly

payments for life beginning at age 65; upon death, payments of $412 would continue to your survivor for life

Qualified Longevity Annuity Contract (QLAC)

A qualified longevity annuity contract (QLAC), also from MetLife, lets you defer receipt of your guaranteed monthly payments to a later age. QLACs are limited to $135,000 or 25% of your Investment Plan balance (whichever is less).
 
For example, a lifetime income guarantee QLAC purchased at age 65 with $100,000 of your Investment Plan balance would pay you: Single Life
$9781 monthly
payments for life beginning at age 75; upon death, payments would cease
Joint & Survivor
$7241 monthly

payments for life beginning at age 75; upon death, payments of $7241 would continue to your survivor for life
To learn more about these options, or to purchase one, call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2.
 

 
1 Quotes are based on $100,000 premiums as of June 30, 2020 for a female aged 65. Joint & Survivor assumes the chosen survivor is a spouse aged 65. Your actual quote may vary based on your individual data and other circumstances. Please note that other payment options and features are available.