Forms of Pension Payment
In this Section:
- Single Life Annuity (with 120 months guaranteed)
- 50% or 75% Joint & Survivor Annuity (formerly called the Husband-and-Wife Pension)
- Automatic Lump Sum Benefit (instead of Monthly Pension Payments)
- Lump Sum Benefit at Retirement
When you apply for your pension, you must elect the form of payment you want to receive.
Once the pension begins, you cannot change your election.
If you are married, you will receive a written explanation from the Fund Office describing the forms of payment and estimates of the monthly pension amounts under each form. You will have a period of not more than 90 days before your pension begins or fewer than 30 days after you receive the written explanation to make your election. The 30-day minimum period may be waived if you and your Spouse agree to the waiver, you are given at least 7 days to change an election, and your pension begins no earlier than the 8th day after the Fund Office provides the written explanation.
Following are the forms of payment available under the Plan.