Just you
- Full Benefit. The highest benefit, for your life only; nothing for a beneficiary. Handbook p. 18, Full Benefit
Money left in your account
- Option 1: Refund of remaining contributions. If any of your contributions and interest remain when you die, the rest is paid in a lump sum to your beneficiary. Reduction based on your age and your accumulated contributions at retirement; you may change the beneficiary at any time. Handbook pp. 18, 20, Option 1
A check for your beneficiary's life
- Option 2: 100% to beneficiary. The same amount continues for your beneficiary's life. Handbook p. 19, Option 2
- Option 3: 50% to beneficiary. One half of your amount continues for your beneficiary's life. Handbook p. 19, Option 3
- Option 4: Percentage you choose to beneficiary. A percentage you designate at retirement continues for your beneficiary's life. Handbook p. 19, Option 4
Shared while you both live
- Option 5: Shared benefit. You and your beneficiary each receive a percentage while both live; after the first death the survivor keeps the higher percentage. The beneficiary's share cannot exceed 49%. Handbook p. 19, Option 5
With a pop-up if your beneficiary dies first
- Option 6: Option 2 with pop-up. Like Option 2, but your benefit rises to the Full Benefit if your beneficiary dies first. Handbook p. 19, Option 6
- Option 7: Option 3 with pop-up. Like Option 3, but your benefit rises to the Full Benefit if your beneficiary dies first. Handbook p. 19, Option 7
- Option 8: Option 4 with pop-up. Like Option 4, but your benefit rises to the Full Benefit if your beneficiary dies first. Handbook p. 19, Option 8
Why the amounts aren't here
Options 2-8 are reduced based on your age and your beneficiary's age at retirement and the benefit the beneficiary will receive; multiple beneficiaries (Options 2-4) increase the reduction. Handbook p. 20, Designating a Beneficiary at Retirement MainePERS publishes no option factor tables; it gives each member an estimate under every option 6 to 12 months before retirement. Handbook p. 18, Selecting a Benefit Payment Option
MainePERS publishes no option factors. Options depend on your age, your beneficiary's age and the board's actuarial tables. Our only example is one 2022 estimate (member 62, beneficiary 60).
What we do: We show the Full Benefit in dollars and explain the options with MainePERS's sample.
What would settle it: MainePERS option factor tables, or the member's own estimate.MainePERS's sample estimate
This is one example only, from a 2022 estimate in MainePERS's Ready to Retire handout: a teacher aged 62 with a beneficiary aged 60, and a Full Benefit of $2,126.25 a month. Your amounts will be different. Ready to Retire (2023) slides 5 and 9, Explanation of Options
| Option | You get | Share of Full | Beneficiary gets |
|---|---|---|---|
| Full Benefit | $2,126.25 | 100% | — |
| Option 1: Refund of remaining contributions | $2,031.88 | 95.6% | the rest of your account |
| Option 2: 100% to beneficiary | $1,703.13 | 80.1% | $1,703.13 |
| Option 3: 50% to beneficiary | $1,892.36 | 89% | $946.18 |
| Option 4: Percentage you choose to beneficiary (33%) | $1,964.66 | 92.4% | $711.23 |
| Option 5: Shared benefit (80%) | $1,464.56 | 68.9% | $366.14 $1,830.70 while both live |
| Option 6: Option 2 with pop-up pops up to $2,126.25 | $1,628.71 | 76.6% | $1,628.71 |
| Option 7: Option 3 with pop-up pops up to $2,126.25 | $1,845.59 | 86.8% | $922.79 |
| Option 8: Option 4 with pop-up (33%) pops up to $2,126.25 | $1,932.76 | 90.9% | $637.81 |
"Share of Full" is our arithmetic: what you get ÷ $2,126.25. In Option 5 the sample splits the benefit 80/20 while both live. Ready to Retire (2023) slides 5 and 9, Explanation of Options
In MainePERS's sample estimate, Option 4 is labeled 33% but the beneficiary's $711.23 is 36.2% of the member's $1,964.66 (33.4% of the $2,126.25 Full Benefit). Option 8, also labeled 33%, pays the beneficiary exactly 33% of the member's amount ($637.81 of $1,932.76). We quote the sample as printed.
Ready to Retire (2023) slide 9, Explanation of OptionsBefore you choose
- You may change your option until the first benefit payment, not after. A married member who picks a beneficiary other than the spouse (or the Full Benefit) must notify the spouse. After You Retire (2025) p. 1, Changing Your Retirement Option; 5 M.R.S. §17803(4); Handbook p. 20; 5 M.R.S. §17804(7)
- Request an estimate 6 to 12 months before retiring; MainePERS prefers the application two to three months before the retirement date. Benefits do not start automatically. Handbook p. 18; Choosing a Benefit Payment Option (3/25) p. 1
- Options 5 to 8 need a single beneficiary. 5 M.R.S. §17804(1)-(5-E)
Survivor benefits · Retiree life insurance
From the sources
- The Full Benefit pays the most, for your life only. Options 1 to 8 pay you less so something continues after you die: Option 1 refunds leftover contributions; Option 2 continues 100% to your beneficiary; Option 3, 50%; Option 4, a percentage you pick; Option 5 splits the benefit while you both live (beneficiary share up to 49%).Handbook pp. 18-19
- Options 6, 7 and 8 are like Options 2, 3 and 4, but your payment rises to the Full Benefit if your beneficiary dies before you.Handbook p. 19
- In MainePERS's sample (teacher 62, beneficiary 60, Full Benefit $2,126.25), Option 2 paid $1,703.13, Option 3 $1,892.36, Option 1 $2,031.88, and Option 6 $1,628.71. Your amounts depend on both ages.Ready to Retire (2023) slides 5, 9
- You can change your option until your first payment, not after. If you are married and choose someone other than your spouse (or the Full Benefit), you must tell your spouse.After You Retire (2025) p. 1; Handbook p. 20
Questions
Which MainePERS option pays the most?
The Full Benefit: the highest benefit, for your life only; nothing for a beneficiary.
How much less do the other options pay?
It depends on your age, your beneficiary's age and what the beneficiary would get. MainePERS publishes no factor tables; it sends you an estimate under every option when you ask, 6 to 12 months before you retire.
Can I change my option later?
You may change your option until the first benefit payment, not after. A married member who picks a beneficiary other than the spouse (or the Full Benefit) must notify the spouse.
Source: MainePERS Benefits for Teachers: Teacher Member Handbook, 2026, pp. 18-19, 18-21. Also: After You Retire (2025); Ready to Retire (2023); 5 M.R.S. §§ 17803, 17804. Last reviewed .