Forms of Payment
Normal forms of payment
Straight Life Pension
The normal form of payment if you are not married is the Straight Life Pension. This only provides a benefit for life to you. Payments end when you die.
If you elect the Straight Life Pension payment, your pension benefit will not be reduced for the form of payment. All other forms of payment are reduced. The reduction depends on the form of payment and your and your spouse’s or beneficiary’s age when payments start.
50% Husband and Wife Pension
The normal form of payment if you are married is the 50% Husband and Wife Pension. If you die while receiving payments, your spouse will continue receiving, for their lifetime, 50% of the amount you received.
As an option, you may elect a 75% Husband and Wife Pension or a 100% Husband and Wife Pension. If you choose one of these options, the payments your spouse receives will be greater than under the 50% Husband and Wife Pension, but your payments will be smaller (to account for the greater amount your spouse will receive).
Optional forms of payment
The Plan offers optional forms of payment, listed below. Note that if you are married and wish to select one of the optional forms of payment below, you will need to obtain your spouse’s notarized consent. See the SPD and Summaries of Material Modifications for details on optional forms of payment.
For single participants
- Five-Year Certain and Life Pension
- Ten-Year Certain and Life Pension
For married participants
- Straight Life Pension
- 75% Husband and Wife Pension
- 100% Husband and Wife Pension
- 50% Husband and Wife Pension with a Five-Year Certain and Life Benefit Option
- 50% Husband and Wife Pension with a Ten-Year Certain and Life Benefit Option
- 75% Husband and Wife Pension with a Five-Year Certain and Life Benefit Option
- 75% Husband and Wife Pension with a Ten-Year Certain and Life Benefit Option
- 100% Husband and Wife Pension with a Five-Year Certain and Life Benefit Option
- 100% Husband and Wife Pension with a Ten-Year Certain and Life Benefit Option
What is a Certain and Life Benefit Option?
A Certain and Life Benefit option pays a reduced monthly benefit for your lifetime. If you die within five or 10 years from your benefit start date, your spouse (or beneficiary) continues receiving the same monthly benefit you were receiving, for the balance of the five- or 10-year period (depending on which option you elected).
If your spouse (or beneficiary) dies before you have received payments for the period you elect, payments to you will continue as long as you live.
