What Benefit Payment Options are available?

Listed below are the Retirement Benefit Payment Options available through the Plan.  It is important you realize once you have chosen your Retirement Benefit Payment Option and your benefit has begun, you are not permitted to change the Benefit Payment Option that you chose at the time of retirement.

Life Option - Five (5) Year Certain

This option will pay you a monthly pension benefit for as long as you live.  If your death occurs prior to your receiving sixty (60) monthly benefit payments, then the remaining balance of the sixty (60) monthly payments will be paid in a lump sum to your designated spouse or beneficiary.  If your death occurs after you have received sixty (60) or more monthly payments, there would be no payment to any designated beneficiary after your death.

Life Plus Sixty (60) Month Option

This option will pay you a monthly pension benefit for as long as you live.  If your spouse or beneficiary survives you, (s)he will receive a lump sum benefit which is actuarially equivalent to sixty (60) months of the benefit that had been payable to you as the Retiree.

50% Qualified Joint and Survivor Option

This option will pay you a retirement benefit that has been actuarially reduced, based on your age and your spouse’s age at the time of retirement, for as long as you live.  If your spouse survives you, (s)he will receive a monthly benefit, equal to one half (½) of the monthly benefit you were drawing for the remainder of their life.  Should your spouse predecease you, your monthly benefit will revert back to the Life Option amount effective on the first day of the month following your spouse's death.

100% Qualified Joint and Survivor Option

This option will pay you a retirement benefit that has been actuarially reduced, based on your age and your spouse’s age at the time of retirement, for as long as you live.  If your spouse survives you, (s)he will receive a monthly benefit, equal to the benefit you were drawing for the remainder of their life.  Should your spouse predecease you, your monthly benefit will revert back to the Life Option amount effective on the first day of the month following your spouse's death.