I am retired and am receiving a monthly allowance under option 6 (or 7) and my option beneficiary has died. May I select a new option?
No, if you are receiving a benefit under option 6 or 7, you are not allowed to change options. However, you are allowed to select a new option beneficiary if the current beneficiary has died. The option beneficiary will take effect six months after your request is received by CalSTRS. At the end of the six-month waiting period, your monthly allowance will be reduced to reflect your age and the age of your new option beneficiary.
Related Questions
- I retired under the Maximum Option but married recently. Can I select another option to provide my spouse with lifetime benefits, should I die before she does?
- I am retired and am receiving a monthly allowance under option 6 (or 7) and my option beneficiary has died. May I select a new option?
- Can I select a Trust as beneficiary with payment option A, B, or C?
