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Retirement Payment Options
You have several payment options for your monthly pension payment:
All of the payment options available are
payable for the retiree's lifetime.
Modified Life Annuity (MLA)
Modified Life Annuity pays a monthly benefit as long as you live; if you die before you receive 60 payments, your spouse
or designated beneficiary will receive your payment for the balance remaining
of the 60 payments.
100%, 75% and 50% Spouse Options provide a monthly benefit as long as you live. If you die before your spouse, your spouse will continue to receive
all (100%) of the amount you received, 75% of that amount, or 50% of that
amount – depending on the Spouse Option you elected when you retired.
If your spouse dies before you, then your benefit is increased to the
amount payable under the Modified Life Annuity. This is
referred to as the "pop-up" provision.
Security Adjustment Option
Social Security Adjustment Option (SSAO) pays an increased benefit before age 65,
and a reduced benefit after you turn 65. This option may be
elected in conjunction with one of the Plan's other payment options.
If you elect the SSAO and later die,
the death benefit (if any) to your spouse or designated
beneficiary will depend on the underlying form of payment you elect.
Please refer to your Summary Plan Description for details.