PAY & BENEFITS   •  Jun 2016  •  Volume 5 / Number 9

You’re getting a pension: What are your payment options?

You’re getting a pension: What are your payment options?

For those workers who participate in a traditional pension plan—15 percent of private sector workers and 75 percent State and local government workers—the math exercise doesn’t end once you figure out your monthly benefit (often based on earnings and years of service). No matter how the plan calculates your benefit, retirees must have the opportunity to receive periodic payments for life and may be offered alternative forms of payment.

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