If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated beneficiary, the participant receives a “full” annuity. A full annuity means an annuity computed without any survivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service.
|Average basic annual salary for high 3 consecutive years of service
|Multiplied by 2 pct
|Multiplied by 35 years of creditable service