Single Life Annuity (with 120 months guaranteed)
This is the automatic form of payment for unmarried Participants. A married Participant may elect this form only if he and his Spouse have properly rejected the Joint & Survivor Annuity.
This form provides a monthly pension to the Pensioner for life. In the event the pensioner dies before receiving 120 monthly pension payments, the monthly pension will continue to be paid to the pensioner’s designated beneficiary until a total of 120 monthly payments have been made to the pensioner and his beneficiary combined. If the beneficiary is not the pensioner’s Spouse, all payments will be paid within five years of the pensioner’s death.
For married Participants, the Spouse is automatically the beneficiary unless the participant and Spouse complete a Designation of Beneficiary Form naming someone other than the Spouse and the Spouse consents to that beneficiary.