Lump Sum Benefit at Retirement
This benefit is payable in addition to the monthly pension. It provides a single sum payment equal to $250 for each year of Pension Credit, up to a maximum of $2,500 for 10 years of Pension Credit. The pensioner may elect to take all or some of this benefit at retirement or to defer all or some of it to be paid to his Spouse or beneficiary upon his death.
If the pension is paid in the form of the Joint & Survivor Annuity (50% or 75%), the payment will not be made in a single lump sum. Instead the actuarial value of the lump sum will be included in the amount of the monthly pension for as long as the pension is payable. The Fund Office can tell you the amount of the actuarial value of the lump sum benefit.