Pension Benefits
Pension Payment Options
When you retire, CRS offers a variety of payment options that give you the flexibility to select the kind of payments that best fit your circumstances and retirement needs. A regular or whole life option provides a monthly pension benefit paid to you during your lifetime only.
Or you may choose one of four payment options that provides a reduced monthly pension benefit to you during your lifetime, and provides a monthly pension benefit to your spouse or your designated optionee for the duration of their lifetime after your death (if you die first).
If you are married, you must select one of the four options described below unless your spouse completes and signs a Spousal Waiver of Joint and Survivor Annuity that would permit you to choose the single life option or a different optionee.
Pension benefits are taxable for Federal and State purposes when paid to the member, and are exempt from City of Cincinnati income tax. No income taxes are withheld for local jurisdictions. Public employees in Ohio do not pay Social Security taxes on their wages.
Any outstanding Court-ordered payments (including Federal tax liens and Bankruptcy payments) will be deducted from the amount of the member’s monthly pension benefit and paid to the appropriate governmental agency.
Monthly pension benefits are payable once the member reaches retirement eligibility and has submitted the required paperwork. Members who fail to submit all required paperwork to CRS in a timely manner will forfeit any benefit that otherwise may have been provided when first eligible. CRS provides retiree health care benefits which are subject to separate eligibility requirements. Retirement healthcare benefits are subject to change at any time and are not a vested benefit.
Option 1 - 100% Joint and Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 100% of the reduced benefit for the remainder of his or her lifetime.
Option 2 - 50% Joint And Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 50% of the reduced benefit for the remainder of his or her life.
Option 3 - 66 2/3% Joint and Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 66 2/3% of the reduced benefit for the remainder of his or her lifetime. If your spouse or designated optionee should die before you, you would receive 66 2/3% of the reduced benefit for the remainder of your life.
Option 4 - 80% Joint And Survivor Payment: In the event you die first, this option provides your surviving spouse or designated optionee with 80% of the reduced benefit for the remainder of his or her lifetime. If your spouse or designated optionee dies first, you receive 80% of the reduced benefit for the remainder of your life.
Pension Payments
Monthly pension benefits are paid by direct deposit to a bank account titled in the pensioner's name and Social Security number. Payments are made one month in arrears and payable the first business day of the month.
Direct Deposit of monthly pension benefit payments are issued to banks payable on the 1st business day of the month. The banking system in the U.S. does not process payments on weekends or holidays. Contact your bank or financial institution regarding accessibility of these funds (because of holidays and weekends).
Direct Deposit Changes
The Retirement Office must receive notification of any Direct Deposit changes (a new signed notarized Direct Deposit authorization form) by the 10th day of a month to ensure timely processing for the next monthly benefit payment. The Retirement Office may periodically require renewal authorizations to keep Direct Deposit agreement in effect.