The Initial Benefit Option (IBO) became available to LASERS new retirees in 1996.
This option is selected at retirement and allows the member to receive up to 36 months of the maximum benefit in a lump sum. If this option is chosen you will receive an actuarially reduced lifetime benefit based on the amount of the lump sum chosen. This option is not available to DROP participants, disability retirees, or 20-year and early retirees.
