If you meet minimum age and vesting requirements (five years of service credit) at retirement, you will have the following distribution options:
- Convert all or a portion of your account balance to lifetime income with the SURS Lifetime Income Strategy (single-life or joint-life options available).
- Purchase a lifetime monthly annuity with Principal Financial Group2 (single-life; single-life with guaranteed period of 10, 15 or 20 years; and 50% and 100% joint and survivor with guaranteed periods options available).
- Receive a lump-sum payout(s). Members give up eligibility for retiree health insurance with this option.
- A combination of the above options. Members give up eligibility for health insurance with options that include a lump-sum payout at retirement. You do not have to elect your distribution type until you retire. These options are reviewed in detail during preretirement counseling sessions. Please note that in order to maintain eligibility for retiree health insurance, you must be receiving lifetime income.