Printable PDF Version of SPD/Plan Document

4. HOW YOUR BENEFITS ARE PAID

A. 50% OR 75% JOINT AND SURVIVOR ANNUITY

If you are married at the time of retirement, your benefit will be either a 50% or 75% Joint and Survivor Annuity, unless you and your spouse elect the Single Life Annuity below. The 50% Joint and Survivor Annuity consists of monthly benefits for your life, followed by monthly benefits for your spouse's life in an amount equal to 50% of the monthly benefits paid while you were alive. The 75% Joint and Survivor Annuity consists of monthly benefits for your life, followed by monthly benefits for your spouse's life in an amount equal to 75% of the monthly benefits paid while you were alive. Under these survivor options, the benefit paid during your life is actuarially reduced from your full Normal Retirement Benefit, to reflect the additional benefits payable after you die. Your actual benefit will depend upon the benefit credits you have earned, and upon your age and your spouse's age at your retirement. You and your spouse may waive this benefit in favor of the Single Life Annuity below, but only if your spouse gives written consent to the waiver and your spouse's consent is notarized or witnessed by a Plan representative.

B. SINGLE LIFE ANNUITY

If you are not married when you retire, your benefit will be paid as a Single Life Annuity. Under the Single Life Annuity, you will receive your full monthly Normal Retirement Benefit, based on your Credited Service. All monthly payments will cease at your death. This form of benefit is available to married retirees, with spousal consent.