Additional Annuity Program
The Additional Annuity program offers Traditional Pension Plan participants and re-employed retirees a voluntary way to save additional money for retirement through OPERS. Your investment earnings are the basis for an additional monthly benefit or lump-sum payment that must be taken when you apply for either a:
- Retirement benefit
- Money Purchase Annuity (If you contributed to the Additional Annuity Program during re-employment).
If you choose to annuitize your additional annuity account, you are eligible to select one of the payment plans that are also available for your age and service benefit.*
If your marriage is terminated by divorce or dissolution and, as part of the property division, the court orders you to designate your former spouse as a beneficiary on a joint and survivor annuity for your additional annuity, you are required to designate your former spouse as a beneficiary for a specified portion on a joint and survivor annuity upon OPERS’ receipt of the court order and upon your applying for your additional annuity.
When OPERS receives a copy of the court order, the retirement system may only accept and process your additional annuity application if you have complied with the court order by designating your former spouse as a beneficiary on a joint and survivor annuity.
If you are a beneficiary receiving a benefit under a joint survivor plan, you can only take a lump sum payment of the member’s additional annuity account. If you are receiving a disability benefit under the Original or Revised Plan, your additional annuity account will remain on deposit until you apply to receive an age and service retirement benefit at which time you can choose a monthly benefit or lump sum payment.