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SECTION XIII. OPTIONAL FORMS OF RETIREMENT

  1. In lieu of the normal form of retirement income, the non-married Participant or the married Participant who subsequently rejects the 50% Joint and Survivor Annuity in favor of his spouse as provided in Section XII.2, shall have the right to elect by written notice filed with the Administrator at any time prior to his or her annuity commencement date, a retirement income in one of the following forms:
    1. Optional Joint and Survivor Annuities. A reduced retirement income to a married Participant with an amount equal to 66b% or 100% thereof payable to the spouse of the Participant as a contingent annuitant if surviving the Participant; or
    2. Contingent Annuitant Options. A reduced retirement income to a Participant with an amount equal to 50%, 66b%, or 100% thereof payable to a designated contingent annuitant other than spouse, if such contingent annuitant shall survive him; or
    3. Pop-Up Option. Participants retiring after October 1, 1991, may elect to take a reduced retirement income, with an amount equal to 50% thereof payable to a designated beneficiary, if such beneficiary survives the Participant. However, if the designated beneficiary does not survive the Participant, the benefits payable to the Participant during his or her lifetime shall be increased to the amount that the Participant would have received if he or she had elected a single life annuity under Section XII.1; or
    4. Social Security Adjustment Option. Participants retiring on or after July 1, 1974, on early retirement pursuant to Section VII, may elect to take an actuarially adjusted retirement benefit, payable in a greater amount during the period before commencement of primary Social Security retirement benefits and a lesser amount thereafter, so calculated as to produce as nearly as possible equivalent retirement income to the Participant both before and after the commencement of Social Security retirement benefits.
  2. Optional forms of retirement shall be actuarially equivalent in value to the normal form of retirement income provided in Section XII.1 hereof and must be made at least annually and in substantially equal installments. An election shall be deemed automatically revoked by any married Participant who does not reject the 50% Joint and Survivor Annuity in favor of his spouse as herein provided in Section XII.2.
  3. If a contingent annuitant designated by the Participant who has elected one of these options predeceases the Participant before the Participant's actual retirement, the election of an option shall become null and void and of no effect. Once a Participant elects an option and receives his or her first benefit payment, it cannot be changed or rescinded without permission of the Pension Trustees, except as expressly provided herein. Permission may be subject to satisfactory evidence of good health by the contingent annuitant.
 

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