Forms of Payment

The Plan provides several forms of payment for Pensions. When you apply for a Pension, you may elect to receive your benefits in one of the following forms of payment. Only one form of payment may be chosen, and once payments have begun, the form cannot be changed.

Single Life Annuity, this is the normal form of payment for Plan participants who are not married when they retire. The Single Life Annuity provides a monthly Pension to you for your lifetime with the guarantee that if you die before receiving the guaranteed monthly payments, the remainder of the guaranteed payments will be paid to your designated beneficiary.

If you are married, the Single Life Annuity is available only if you and your spouse have rejected the 50% Qualified Surviving Spouse Pension described below.

50% Qualified Surviving Spouse Pension, this is the normal form of payment for married Plan participants. The 50% Qualified Surviving Spouse Pension provides a monthly Pension to you for your lifetime and, after your death, a lifetime Pension for your surviving spouse. The payments to your surviving spouse will be equal to 50% of the amount you were receiving when you died, provided you have been married for at least one year before your death.

75% Qualified Surviving Spouse Pension, much like the 50% Qualified Surviving Spouse Pension, the 75% Qualified Surviving Spouse Pension provides a monthly Pension to you for your lifetime and, after your death, a lifetime Pension for your surviving spouse. When you die, payments equal to 75% of the payment amount you were receiving will continue to your surviving spouse for his or her lifetime, provided you have been married for at least one year before your death.  

Joint and Survivor Option, if you are eligible for an Early Retirement or Service Pension, you may elect to receive your Pension benefits under the Joint and Survivor Option. The Joint and Survivor Option provides a reduced monthly Pension to you for your lifetime, with 50% or 100% of your monthly Pension continuing after your death for the lifetime of your beneficiary. You must elect the Joint and Survivor Option in writing on a form prescribed by, and filed with, the Administrative Office at least 24 months before it is to take effect. If you Pension is effective before the end of the 24-month filing period, your benefits will be paid in the normal form until the 24 months have elapsed.

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