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In 2025, FPPA will roll out two 75% payment options for new retirees

Early next year, FPPA will add two new payment options for Statewide Retirement Plan Members* when they apply for retirement. The new choices are variations on existing payment options:

  • Survivor Options: These options reduce the Normal Option amount on an actuarially equivalent basis to cover a beneficiary after the Member dies. Currently, this is available in two forms: 100% Survivor, where the beneficiary receives the same benefit as the Member after the Member’s death; or 50% Survivor, where the beneficiary receives half of the Member’s benefit after the Member passes away
    • New option: 75% Survivor, where the beneficiary receives three quarters of the Member’s benefit following the Member’s death
  • Survivor Options + Pop-Up: These are mostly the same as the survivor options described above, but if the beneficiary dies before the Member, then the Member’s benefit increases to the Normal, single-life annuity option. Like the above, this currently comes in 100% and 50% options, with a new 75% option coming in February

Future retirees will be able to select these options on retirement applications submitted on or after February 6, 2025. This change will not affect any of the current payment options, meaning that if you plan to retire in the coming months and do not intend to select one of the new 75% options, then you may proceed with your application at any time.

Projecting Benefits Under the New 75% Options

If you want to see what the new 75% options would look like for your future retirement, contact FPPA’s Benefits department at (303) 770-3772, ext. 6400 or generalbenefits@fppaco.org for a retirement projection. These options will not be available in the Member Account Portal calculator until February 6, 2025.

Updates about the release timeline and how to project your potential benefits under these options will be added to this post as they become available.

*Please note that this change only impacts non-retired Members of the Statewide Retirement Plan. Current retirees or Members of other FPPA plans are not eligible.