Pension Plan -- Normal Forms of Payment

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Normal Forms of Payment

You will receive your plan benefits under the plan’s normal form of payment based on your marital status when you retire, unless you elected an optional form of payment.

For Married Employees

If you are married when you elect to receive your benefits, the normal form of payment is a 50% joint and survivor benefit. Under this form of payment, your pension is reduced and, after your death, 50% of that benefit is continued to your surviving spouse for the rest of his or her life. This reduction is based on the ages of you and your spouse and reflects the fact that benefits are payable during both of your lifetimes.

If your spouse dies before you, this form of payment will automatically "pop-up" to the amount that would be paid to single employees. For those who retired prior to April 1, 1990, this "pop-up" provision became effective July 1, 2001. For a table of reduction factors, contact the Benefit Plans Office.

If you die before you begin to receive plan benefits, your spouse will receive 50% of the benefit you would have received had it begun on the date of your death.

For Single Employees

The plan’s normal form of payment for a single employee is a life annuity. Under this form of payment, you receive the full benefit earned at retirement for your lifetime. After your death, no benefits are paid to anyone else.

Last updated: Thursday April 21 2005

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