Payment Options

Married Participants

Straight Life Benefit - The Straight Life benefit represents the highest monthly amount payable to you for your lifetime.

The straight life benefit has a 60-month guarantee of benefits. In no case will less than 60 payments be made on your account. If you should die before 60 payments have been made, any remaining payments will be made to your named beneficiary. However, if you should die after 60 payments have been made, no further pension payments will be payable. But, of course, payments will continue to you for your entire lifetime.

If you are a married participant, your spouse must agree to your election of the straight life benefit and to your named beneficiary.

Joint and Survivor Benefit - The joint and survivor options are only available to married participants. These options allow you to elect a monthly benefit that will provide lifetime pension payments for your spouse in the event of your death.

The monthly amount payable to you for your lifetime will be reduced from the Straight Life amount to allow for the benefit payments to your spouse.

100% Joint & Survivor Option: The 100% option provides your spouse with lifetime monthly payments equal to your monthly benefit at the time of your death.

75% Joint & Survivor Option: The 75% option provides your spouse with lifetime monthly payments equal to 75% of your monthly benefit at the time of your death.

50% Joint & Survivor Option: The 50% option provides your spouse with lifetime monthly payments equal to 50% of your monthly benefit at the time of your death.

The Plan also offers a "Pop-Up" feature on each of the Joint and Survivor options. The pop-up option provides your spouse with lifetime monthly payments equal to a percentage of your monthly benefit at the time of your death. However, if your spouse predeceases you, your benefit will "pop-up" to the Straight Life benefit amount for the remainder of your lifetime. If you elect the 50% pop-up option, your spouse must agree to your election.

The Joint and Survivor benefit options have a 60 month guarantee of benefits (same as the Straight Life Option). If you should die before 60 payments have been made, any remaining payments will be made to your spouse at the same amount that you were receiving prior to your death.

Spousal Consent

Under Federal law, a married participant is required to elect a payment form which provides a minimum of a 50% survivor annuity for his spouse. If you elect a benefit that does not provide for at least this minimum protection, you must obtain your spouse’s consent for your election. If you do not make an election, your benefit will be paid in the 50% Joint and Survivor form, and after your death, the Plan will pay your surviving spouse 50% of the amount it was paying you.

Divorced Participants

A Qualified Domestic Relations Order ("QDRO") can require the Plan to pay part or all of your pension benefits to a former spouse or other dependent. If you are divorced, your pension benefits may be affected if a QDRO is included in your divorce decree or in a separate domestic relations order. The Fund Office will need to review any decrees, agreements or orders relating to your marital situation to determine if they affect the payment of your benefits.