Payment Options

Overview

This plan provides a lifetime income to you, or a lifetime income to you with a continuing income to your Spouse if you predecease him or her. Your monthly benefit is adjusted to reflect the payment option selected.

If You are Married

The 50% Joint and Survivor Pension provides an amount payable for your lifetime. If you pre-decease your Spouse, 50% of that amount is payable for your Spouse’s lifetime.  You and your Spouse may elect to waive the 50% Joint and Survivor Pension, and take a 75% or 100% Joint and Survivor Pension. These payment options provide an amount payable for your lifetime, and if you pre-decease your Spouse, 75% or 100% of that amount is payable for your Spouse’s lifetime.

If you are Not Married

The payment form will be a “single-life pension,” payable for your lifetime with a minimum guarantee of benefit payments (36 months for a Disability Pension, 60 months for Regular, Service, and Early Retirement Pensions). Married couples may also elect this payment form, after waiving the 50% Joint and Survivor Pension.

Summary Plan Description

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