What is the difference between the Maximum Single Life Annuity and Option 1?
The Maximum Single Life Annuity and Option 1 are single life annuities primarily protecting you. Both options guarantee you a monthly benefit for life. The difference is the protected value. The Maximum Single Life Annuity gives you the highest monthly check possible; with a protected death benefit total consisting of your contributions and interest at the time of retirement. Option 1 provides you with a reduced monthly check; with a protected death benefit value equaling the Present Value. Under both options, the death benefit is reduced by the gross amount of your monthly payment. At your death any remaining balance is paid to your designated beneficiary(ies).
