Types of Monthly Retirement Options

Single Life Annuity 60/120 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.

  • Retiree may elect a 60 or 120 month Pension Payment 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.

 

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.

  • 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).
  • 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.

  • 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.

KEYWORDS & DEFINITIONS