Types of Monthly Retirement Options – Eastern Atlantic States Carpenters Benefit Funds

PENSION FUND

Pension Forms of Payment in Retirement

Straight-Life 60 or 120 Month Guarantee

If single or married this option offers payment protection of a participant's Accrued Monthly Pension (in addition to any Early Retirement reduction) and will provide the remaining number of guaranteed payments.

Additional Information

Joint and Survivor Option

Lifetime Spouse Protection REDUCTION in participant's Accrued Monthly Pension (in addition to any Early Retirement reduction) will provide spouse a lifetime monthly check.

Additional Information

Retiree may elect a 50%, 75% or 100% Joint and Survivor Option (Reduction in the Accrued Monthly Pension depends upon the option selected and the difference in ages).
- For non-married Participants, the default option is 50% Joint and Survivor.
- If age 65 and Active, there is no monthly reduction for the 100% Joint and Survivor Option
After the retiree's death, his/her spouse will receive a lifetime monthly pension benefit equal to 50%, 75% or 100% of the monthly pension amount received by the retiree.

Pop-Up Benefit

The Plan provides an automatic "pop-up" provision for a retiree who is receiving a Normal, Early or Disability Pension and who elected a reduced pension payable in the form of a Joint and Survivor Option.

Additional Information

Retirement Option Examples

Retires with a $3,000 Monthly Pension Reduction Examples

60-Month Guarantee - $3,000 Pension Payment (no reduction)
This is the default option for non-married Participants
120-Month Guarantee - $2,850 Pension Payment ($150 monthly reduction)
This option is available to both married and non-married Participants. There is a monthly reduction is since the payment guarantee is spread out over a longer period of time.
50% Surviving Spouse Benefit - $2,700 Pension Payment ($300 monthly reduction)
Default option if married. This option would provide your spouse a $1,350 monthly payment for the remainder of their life.
75% Surviving Spouse Benefit - $2,450 Pension Payment ($550 monthly reduction)
This option would provide your spouse a $1,840 monthly payment for the remainder of their life.
100% Surviving Spouse Benefit - $2,240 Pension Payment ($760 monthly reduction. No reduction if age 65 and Active)
This option would provide your spouse a $2,240 monthly payment for the remainder of their life.

Note: Examples are for illustrative purposes only. Individual circumstances for reduction amounts will vary. All Pension Payments are considered Taxable Income.

You cannot change this election once you retire.

Survivor Benefits Before Retirement

Active and Unmarried

Active and Married

Active and Unmarried

Lump-sum equal to 60 multiplied by accrued Pension Benefit.

Active and Married

Defaults to Prior Plan Survivor Benefit Rules.

Request a Pension Statement

You can request a Pension Statement once per year to view your accrual total

Submit Your Request