Does anyone know how to use cash refund annuity factor to calculate the reduced benefit?
Member's monthly retirement benefit is $1400 at age 60, the accumulated employee contribution = 78,000, the Present Value of member's retirement benefit (both EE and ER contributions) = 160,000. The full cash refund factor at age 60 is 0.9500.
Questions: Find the monthly benefits under the following two options:
1, Option 1- Monthly benefit payable for life. Should the member faild to receive payments at least equal to his accumulated contributions = 78,000, the balance shall be paid to his designated beneficiaries.
2, Option 2 - Monthly benefit payable for life. Should the member faild to receive payments at least equal to the present value of his retirement benefit = 160,000, the balance shall be paid to his designated beneficiaries.

I am not so sure how to apply the cash refund factor to get the reduced benefit amount .

Thanks for reading.