How Benefit Payments Are Made

Benefit payments are made based on your marital status on the date on which your benefits begin. If as of this date you are...

  • Married , you will receive your benefits in the form of a joint and survivor annuity, unless you elect otherwise; the annuity will provide a lifetime monthly payment to you, and a survivor benefit equal to 50% of that payment to your spouse.

  • Single, you will receive your benefits in the form of a single life annuity, unless you elect otherwise.

Regardless of whether you are married or single when your benefits begin, you may elect an alternative method in which to receive your benefits, as outlined below. If you are...

  • Married, you may elect a single life annuity.

  • Single or married, you may elect a joint and survivor annuity and choose a beneficiary (either your spouse or another individual)—this beneficiary will receive a survivor portion equal to 50% or 100% (based on the option you elect) of the monthly benefits payable during your lifetime.

  • Married, you may elect a joint and survivor annuity known as the "last survivor" option. This annuity pays a reduced benefit to you throughout your and your spouse's lifetime; then, upon the death of either you or your spouse, the annuity will be reduced to two-thirds of the monthly benefit paid to you while both you and your spouse were alive.

The joint and survivor annuities offered under this Plan provide the actuarial equivalent of a single life annuity for your lifetime. This means you will receive a reduced monthly benefit during your lifetime to finance the payments that will be made to your spouse (or other beneficiary) after you die.

Note: You may be required to provide proof of good health if you want to elect an alternative method of payment within the year before you retire. Married participants must also obtain their spouse's notarized written consent of the election of an alternative payment method.

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Benefits For Surviving Spouses

Generally your spouse will receive a surviving spouse's benefit for as long as he or she lives if, before you retire, you...

  • Are married for at least one year,

  • Are vested in the Plan, and

  • Die.

This benefit will begin at the time you would have otherwise qualified for a retirement benefit, and will vary based on your and your spouse's age.

The cost of providing the surviving spouse benefit protection is subsidized by each participating company for its participants.

The beneficiaries of those participants who made contributions to the Retirement Plan are entitled to receive a special death benefit equal to the amount of such contributions, plus interest. Note that the death benefit will be reduced by any benefits otherwise payable to either the participant or any beneficiary.

This special death benefit will normally be paid to a beneficiary designated by the participant. However, a married participant must obtain his or her spouse's notarized written consent if the participant wants to name someone other than his or her spouse as beneficiary.

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