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SECTION XII. NORMAL FORMS OF RETIREMENT

  1. Life Annuity With 60-Month Guarantee.
    The normal form of Retirement Income for any Participant who is not married at the time of retirement, or who, if married, has expressly rejected the 50% Joint and Survivor Annuity with the consent of his or her spouse in the proper form as provided in Subsection 2 herein, shall consist of monthly payments computed in accordance with the provisions of Section XI commencing on his or her normal, early, disability or postponed retirement date and terminating with the later of
    1. the 60th monthly payment, or
    2. the payment for the month in which his death occurs. Any of the first 60 monthly payments remaining unpaid at the time of death of the Participant shall be made to his or her beneficiary or beneficiaries.

  2. Qualified Joint & Survivor Annuity.
    1. The normal form of benefit for any married Participant, whether retiring on normal, early, disability or postponed retirement, shall, unless the Participant and his or her spouse have expressly waived it as hereinafter provided, be an actuarially reduced 50% Joint and Survivor Annuity consisting of a reduced annuity for life to the Participant with a survivor annuity to his or her spouse which is equal to one-half of the amount of the annuity payable during their joint lives, and the whole of which is the actuarial equivalent of the life annuity form of retirement income provided for in Subsection 1 above.
    2. The Participant shall have the right during the ninety (90) day period next prior to the annuity starting date, to waive, or having waived, to reinstate the Joint and Survivor form of annuity any number of times, by notice in writing to the Administration Office. However, no such waiver shall be effective unless consented to in writing by the spouse, stating his or her understanding of the effect of the waiver, of his or her right to consent or refuse to consent thereto, and witnessed either by a Plan representative or Notary Public. The Participant and spouse shall, within a reasonable period of time prior to annuity starting date, be supplied with a full explanation of the 50% Joint and Survivor Annuity, his or her right to waive or reinstate it any number of times during the ninety (90) day period, the effect of his or her failure to waive upon the rights of each of them, and the right of the spouse to consent or withhold consent thereto.
    3. If there is no surviving spouse, or if the spouse cannot be located, or because of such other circumstances as the Secretary of Labor may by regulation prescribe, the Participant may choose any other form of benefit provided by the Plan.
  3. Any Participant who is not married at the time of retirement or who has expressly rejected the 50% Joint and Survivor Annuity in favor of his or her spouse may, in lieu of the normal form of Retirement Income, elect the optional forms of Retirement Income provided in Section XIII, upon compliance with the requirements of that Section. If any Participant, however, subject to the provisions of Subsection 2 hereof, fails to notify the Board of Trustees upon retirement of his or her rejection of the 50% Joint and Survivor Option in favor of his or her spouse, such Participant shall be deemed to have canceled any other form of Optional Retirement Income previously elected by him or her as provided in Section XIII.
 

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