Survivor Benefits

You will receive your pension as a Joint and 50% Contingent Pension unless you and your spouse choose otherwise prior to retirement. After your death, your surviving spouse will receive, for his or her lifetime, 50% of your reduced pension. Because this pension arrangement usually results in benefit payments being paid over a longer period of time than under the Life Only Pension, your pension benefit is reduced. The percent of your Life Only Pension that you will receive under the Joint and 50% Contingent Pension is shown in the following Table. The Table takes into consideration your age and your spouse’s age at retirement.

Your Spouse’s Age	Your Age When Your Pension Benefits Start
53	55	57	60	62
55	89.71%	88.07%	85.20%	82.98%
57	90.39	88.82	86.02	83.86
60	92.13	90.74	88.21	86.18
62	92.89	91.48	89.18	87.15
65	93.81	92.65	90.47	88.67

The Table expresses the percentage reductions only for the Joint and 50% Contingent Pension. Any early pension reduction is in addition to the reductions shown in the Table.

To use the Table, find your age and your spouse’s age at retirement, and identify the percentage figure. Multiply your normal or early pension amount by the percentage figure. The result is your pension with the Joint and 50% Contingent Pension in effect. One-half of that amount would be payable to your spouse after your death.

For Example: If you are age 62 and your spouse is also age 62, your Joint and 50% Contingent Pension from the table is 87.15%. If we assume that your unreduced pension at age 62 is $900.00, then your pension under the Joint and 50% Contingent Pension is $784.35 ($900.00 x 87.15%). After your death, your spouse would receive $392.18 per month ($784.35 x 50%).

In addition to the Joint and 50% Contingent Pension, you can provide survivor protection to either your spouse, or another person, by electing the: Joint and 100% Contingent Pension Option, Joint and 100% Pop-Up Contingent Option, Joint and 50% Contingent Pension Option, Joint and 50% Pop-Up Contingent Pension Option, Ten Year Certain and Life Option, or Five Year Certain and Life Option described below. You may elect, change or revoke an Option at any time during the 90-day period prior to the date your pension commences.

If you want to provide a larger survivor benefit to your spouse, or a survivor benefit to another person, you have to elect either the 100% or 50% Contingent Pension Option in writing prior to retirement.

Under the Contingent Pension Option, you would receive a reduced pension payable during your lifetime, and after your death, 100% or 50% (whichever you selected) of your reduced pension will be payable to the person you designate as your contingent pensioner for life.

Certain other restrictions apply to this benefit option and you should ask the Fund Office for estimates before you intend to retire.

If you want to (a) provide a larger survivor benefit to your spouse, or a survivor benefit to another person, and (b) have the opportunity to cancel the survivor benefit if your survivor dies before you do, you have to elect either the 100% or 50% Pop-Up Contingent Pension Option in writing prior to retirement.

Under the Pop-Up Contingent Pension Option, you would receive a reduced pension payable during your lifetime, and after your death, 100% or 50% (whichever you selected) of your reduced pension will be payable to the person you designate as your contingent pensioner for life. If your contingent pensioner dies before you do, your pension will be increased (or “pop-up”) to the single-life amount.

The exact amounts payable to you and to your contingent pensioner depend upon your ages at the time you retire. If you are married your spouse’s written consent is required if you elect this option form of payment. Certain other restrictions apply to this benefit option and you should ask the Fund Office for estimates before you intend to retire.

If you want to provide for survivor protection in the event of your death within 10 years after retirement, you may elect the Ten Year Certain and Life Option in writing prior to retirement. Under a Ten Year Certain and Life Option, you will receive a benefit for the rest of your life; however, your pension payments are guaranteed for a minimum of 10 years. If you die within 10 years after you retire, your beneficiary would continue to receive the same benefit you were receiving for the balance of the 10 years (120 months). After a total of 120 monthly payments are made, payments to your beneficiary would stop. Your beneficiary is designated by you and does not have to be your spouse. If you are married, your spouse’s written consent is required if you elect this optional form of payment.

If you want to provide for survivor protection in the event of your death within five years after retirement, you may elect the Five Year Certain and Life Option in writing prior to retirement. Under a Five Year Certain and Life Option, you will receive a benefit for the rest of your life; however, your pension payments are guaranteed for a minimum of 5 years. If you die within 5 years after you retire, your beneficiary would continue to receive the same benefits you were receiving for the balance of the 5 years (60 months). After a total of 60 monthly payments are made, payments to your beneficiary would stop. Your beneficiary is designated by you and does not have to be your spouse. If you are married, your spouse’s written consent is required if you elect this optional form of payment.

PENSION PLAN