Pension Forms of Payment in Retirement
- Retiree may elect a 60 or 120 month Pension Payment Guarantee.
- For non-married Participants, the default option is the 60-payment straight life guarantee.
- After the retiree's death, his or her beneficiary will receive the remaining payments of 60 or 120 monthly pension payment equal to the monthly pension amount received by the retiree.
- 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.
- If the spouse predeceases the retiree, the monthly pension amount will "pop-up" to the amount prior to the reduction for surviving spouse benefits. You must notify the Fund Office of your spouse's death and provide the death certificate to receive the pop-up.
Retirement Option 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
Lump-sum equal to 60 multiplied by accrued Pension Benefit.
Defaults to Prior Plan Survivor Benefit Rules.