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Pension - 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. 

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Spousal Options

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.

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Social 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.

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