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The Retirement Options really are a form of life insurance. Here is what some others say:

The U.S. Office of Personnel Management:
	Retirement benefits are computed using the "appropriate present value factor for your age at the time of retirement" (emphasis added). In other words, standard life expectancy (actuarial) insurance industry calculations.

The New York State Teachers Retirement System (1 of the 10 largest public systems):
	"An option generally provides a lower monthly benefit for you . . . and a payment to a beneficiary at your death. In this way, options serve much like life insurance coverage (emphasis added). The cost of the option is calculated using actuarial factors."

Missouri Public School Retirement System:
	"Since this option (maximum income) provides the largest retiree benefit, it is often the appropriate choice for a member with no dependents or for a member whose beneficiary would have adequate income from other sources after the retiree's death." (again, emphasis added)

The Texas Teacher Retirement System (TRS) Benefit Handbook:
	"The (Texas) constitution requires that funding of benefits be based on sound actuarial principles"; "The total amount of benefits is the actuarial equivalent of a standard annuity."