Optional Forms of Retirement Benefits

The standard pension benefits under the Plan are payable to you monthly as a Life Annuity, upon retirement, for as long as you live.  At your death this benefit ceases.  However, the Plan also provides for an election, by you, of other forms of payment which may continue benefits to a named beneficiary at your death.  If you choose one of these options, the monthly benefit is reduced in order to help pay for the continued payments to the beneficiary.  This election must be made by you prior to the time benefit payments start.  The following summarizes both the normal and optional forms of retirement benefits.

Life Annuity

Retirement benefits are paid for as long as you live.  This is the normal form of payment under the Plan.

Joint and Last Survivor Option

You may elect to receive a decreased retirement benefit during your lifetime and have such decreased benefit continue after your death to your designated individual beneficiary for the beneficiary’s lifetime.  If your beneficiary is more than 10 years younger than you, your beneficiary’s benefit as a percentage of your benefit may be limited.

10 Year Certain and Life Thereafter

You may elect to receive a decreased retirement benefit for as long as you live with 120 monthly payments guaranteed.  If, after retiring, you die prior to receiving all 120 monthly payments, the balance of the payments shall be made to your designated beneficiary or to your Estate in the absence of or upon the subsequent death of the designated beneficiary.

HOME