Thursday, October 30, 2008

LASERS-Did you know?

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. However, this option eliminates the monthly benefit Option 1 as a retirement choice and reduces future monthly benefits. This option is not available to DROP participants, disability retirees, or members who took early retirement.

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