The six plans
No Refund (life of member)
Highest monthly benefit. If you die within two months of your first payment your beneficiary gets your contributions and interest less benefits paid; after that, only any uncashed payment for the month of death.
TRA Handbook (2022), p. 18, No refundGuaranteed Refund Check with TRA
Lifetime benefit; if you die before your payments equal your contributions plus interest, your beneficiary gets the same monthly amount until the balance is used up (usually two to six years after retirement).
TRA Handbook (2022), p. 18, Guaranteed refund15 Years Guaranteed Check with TRA
Lifetime benefit with 180 payments guaranteed.
TRA Handbook (2022), p. 18, 15 years guaranteed100% Survivorship (with bounce-back) Check with TRA
Your survivor gets 100% of your monthly payment for life. If the survivor dies first, your payment bounces back to the No Refund amount.
TRA Handbook (2022), pp. 18-19, Survivorship plans75% Survivorship (with bounce-back) Check with TRA
Your survivor gets 75% of your monthly payment for life.
TRA Handbook (2022), pp. 18-19, Survivorship plans50% Survivorship (with bounce-back) Check with TRA
Your survivor gets 50% of your monthly payment for life.
TRA Handbook (2022), pp. 18-19, Survivorship plansTRA publishes no option factors; the amount under each plan depends on your and your survivor's ages and TRA's actuarial assumptions. Get plan amounts from myTRA estimates or a TRA counselor. TRA Handbook (2022), p. 18, Survivorship plans ('The amount payable is dependent on the level of survivor protection you choose and the age of your designated beneficiary')
A survivorship example
On a $1,000 survivorship payment, your survivor would get $500 (50%), $750 (75%), $1,000 (100%) for life. minnesotatra.org, Annuity plans, Survivorship plans
Married? A married member must choose a 50%, 75% or 100% survivorship plan with the spouse as survivor unless the spouse signs a notarized waiver. minnesotatra.org, Annuity plans, Key considerations: Spousal consent
IRS rules may limit the 75% and 100% plans for a non-spouse survivor who is much younger than you. TRA Handbook (2022), p. 19, Optional Joint Annuitant Who is Not Your Spouse
Accelerated annuity
You may take a larger payment until age 62, 65 or your Social Security normal retirement age, then a smaller lifetime amount. Up to five percent of the life annuity reserves may be used for each year you are under the target age; you can pick the maximum or any lesser acceleration. Postretirement increases apply to the temporary portion only until the target age. TRA Handbook (2022), p. 20, Accelerated annuity
Retire at 58 with a $1,000 No Refund benefit, accelerated to 62: $1,543 a month until 62, then $800 for life.
TRA Handbook (2022), p. 20, Accelerated annuityWe can't figure your own accelerated amount: needs tra's actuarial reserve factors, which are not published.
The details
- TRA has six plans: No Refund, Guaranteed Refund, 15 Years Guaranteed, and 100%, 75% or 50% Survivorship. No Refund pays the most.TRA Handbook (2022), pp. 17-19, Retirement plan options
- Survivorship plans pay your survivor 100%, 75% or 50% of your payment for life; on $1,000 that's $1,000, $750 or $500. If your survivor dies first your payment bounces back to the No Refund amount.minnesotatra.org, Annuity plans, Survivorship plans
- If you're married you must choose a survivorship plan with your spouse as survivor unless your spouse signs a notarized waiver.minnesotatra.org, Annuity plans, Key considerations
- TRA doesn't publish option factors; get the amounts for each plan from your myTRA estimate or a counselor.TRA Handbook (2022), p. 18, Survivorship plans
- Accelerated annuity: a larger payment until 62, 65 or Social Security normal retirement age, then less for life. Example: $1,000 at 58 accelerated to 62 pays $1,543 until 62, then $800.TRA Handbook (2022), p. 20, Accelerated annuity
- You can change your plan, survivor or acceleration, or cancel, until your third payment is issued.minnesotatra.org, Nearing retirement, Application changes
See also survivor benefits if you die before retiring.
Questions
What payment plans does Minnesota TRA offer?
Six: No Refund, Guaranteed Refund, 15 Years Guaranteed, 100% Survivorship, 75% Survivorship, 50% Survivorship. No Refund pays the most each month.
How much less does a survivorship plan pay?
TRA doesn't publish the factors. It depends on your age, your survivor's age and the percentage you choose. Your myTRA estimate shows the amounts.
What is an accelerated annuity?
A larger payment until 62, 65, Social Security normal retirement age, then a smaller one for life. In TRA's example, $1,000 at 58 accelerated to 62 pays $1,543 until 62, then $800.
Source: TRA Handbook of Benefits and Services, April 2022, with 2023-2026 law changes from Minnesota Statutes 2026 and TRA's 2025-2026 publications, TRA Handbook (April 2022) pp. 15, 17-19, 18, 18-19, 19, 20. Also: minnesotatra.org; Minn. Stat. §§ 354.35, 356.415 (2026). Last reviewed .