One of the most misunderstood pension options for Entergy employees is the “10-Year Certain and Life Annuity”. This option provides a monthly income for the employee for as long as he/she lives. It also provides a monthly income to your beneficiary for at least 10 years from your date of retirement.
Example: You retire on October 1, 2014 and live for 30 years. You will receive your monthly Entergy pension check every month until you die. You retire on October 1, 2014 and live for 30 DAYS. Your beneficiary will receive your monthly Entergy pension check for 9 years and 11 months. If you die within the first 10 years of your retirement, your beneficiary will continue to get your Entergy pension check until October 1, 2024.
This is a great option for retirees that are not married. The beneficiary can be kids, sibling, or even a trust. It is also an option to consider if you are married. Many times it is only a few dollars less than the Single Life Annuity, and it would guarantee that your spouse would get a check for at least the first 10 years of your retirement if something happened to you.