§ 21475 Lifetime Beneficiary Retirement Option

• •If you pick this retirement plan, you get paid every month until you die. After you die, the person you chose (your beneficiary) keeps getting the same amount for their whole life.
• •If you were part of certain other retirement plans (Sections 21624, 21629, or 21630), your beneficiary might get less money—only the extra part of your payment that wasn’t already set aside for a survivor.
• •If both you and your beneficiary die, any leftover money from what you put into the retirement plan goes to a backup person (secondary beneficiary) you named.
• •This rule only applies if you retired on or after January 1, 2018.

Imagine you work for the government and pick this retirement plan when you retire. You get $2,000 every month. You choose your spouse as your beneficiary. After you die, your spouse keeps getting $2,000 every month for their life. If your spouse dies later, any money left from what you originally put into the plan goes to your kid, who you named as the backup beneficiary.

This plan makes sure your spouse keeps getting the same money after you’re gone. If there’s money left after both of you die, it goes to someone else you picked.