In most cases, the benefit payment option you selected at retirement cannot be changed. There are a few exceptions if you chose a survivor option that provides monthly payments to someone after your death (an Option 2, Option 3, or Special Option 4 with survivor payments) and:
Your designated survivor dies
You divorce after retirement
You marry after retirement
If you chose a survivor option and you are in one of the above circumstances, you have seven years from the qualifying event to make your request to change your option. To do so, call your pension plan specialist at 1.800.633.5461.
When you choose a new payment option, your benefit will be recalculated. Even If you choose the same survivor option but designate a different survivor, your benefit will be adjusted based on your age and the age of your new designated survivor. A pension plan specialist can provide you with benefit estimates calculated to different payment options.
Keeping in mind that you have seven years from the qualifying event (death, divorce, or marriage) to make your request to change your option, if you die before you do so, there will be no death benefit associated with your pension benefit. The only amount payable after your death will be the portion of your monthly pension for the number of days you were alive in the month you die, which will be paid to your estate.
You must provide documents supporting your option change request:
If your designated survivor died, a copy of the death certificate
If you divorced after retirement, a copy of the divorce decree
If you marry after retirement, a copy of your marriage certificate