Single Life

This benefit is payable for the Participant’s lifetime.  Should the Participant die prior to receiving a total of 60 monthly payments, the Participant’s named beneficiary(ies) will receive the remainder of the 60 payments after which no further payments will be made payable from the Plan.

Joint & 50% Survivor Benefit

The Participant receives a reduced monthly benefit. Upon the death of the Participant, the Spouse will continue to receive 50% of the Participant’s monthly benefit amount payable for the lifetime of the Spouse. If your Spouse dies before you, the amount of your monthly benefit will no longer be reduced for this survivorship option.  The benefit will “pop-up” to your unreduced Single Life benefit amount.

 This benefit is determined by reducing the Single Life benefit by a factor calculated as follows:

 90% plus 0.4% for each full year the Spouse is older than Participant or less 0.4% for each full year the Spouse is younger than Participant.

Joint & 75% Survivor Benefit

The Participant receives a reduced monthly benefit. Upon the death of the Participant, the Spouse will continue to receive 75% of the Participant’s monthly benefit amount payable for the lifetime of the Spouse. If your Spouse dies before you, the amount of your monthly benefit will no longer be reduced for this survivorship option.  The benefit will “pop-up” to your unreduced Single Life benefit amount.

This benefit is determined by reducing the Single Life benefit by a factor calculated as follows:

85.50% plus 0.55% for each full year the Spouse is older than Participant or less 0.55% for each full year the Spouse is younger than Participant.

Joint & 100% Survivor Benefit

The Participant receives a reduced monthly benefit. Upon the death of the Participant, the Spouse will continue to receive 100% of the Participant’s monthly benefit amount payable for the lifetime of the Spouse. If your Spouse dies before you, the amount of your monthly benefit will no longer be reduced for this survivorship option.  The benefit will “pop-up” to your unreduced Single Life benefit amount.

This benefit is determined by reducing the Single Life benefit by a factor calculated as follows:

81% plus 0.7% for each full year the Spouse is older than Participant or less 0.7% for each full year the Spouse is younger than Participant.

Level Income Option

The form of payment provides a level income over the Participant’s lifetime both before and after the Participant attains age 62. This form can be elected with any of the other optional forms of payment permitted under the Plan. The Plan will provide a higher monthly income prior to when the Participant attains age 62. After that date, the Plan will reduce the Participant’s monthly income so that the amount of the social security benefits plus the monthly income from the Plan equals the income the Participant received from the Plan prior to age 62.

Please note: This Option assumes that the Participant elects social security benefits to commence at age 62. In addition, the Participant must submit a copy of his estimated social security benefits from Social Security Administration in order to receive a benefit determined under this optional form of payment.