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Summary Plan Description
STANDARD PAYMENT FORMS
HUSBAND-AND-WIFE PAYMENT FORM (SECTIONS 5.01, 5.02)
Unless you and your spouse reject this form in writing before a Notary Public or Plan representative, the Plan pays your pension in the Husband-and-Wife payment form when you retire if:
Before your pension starts, the Plan is required to give you an explanation of the various payment options available under the Plan and how they affect the amount of your benefit. After you receive this information, you and your spouse will have at least 30 days to decide in what form you want your pension paid. You and your spouse can reject the Husband-and-Wife payment form at any time after you receive this information, but no more than 90 days before your pension effective date.
Under the Husband-and-Wife payment form, you will receive a fixed monthly amount for life, and your surviving spouse will receive a lifetime benefit equal to 50% of the amount you were receiving during retirement. The monthly amount of the pension you receive during retirement will be reduced, because your pension is also intended to protect your spouse for life, if he or she survives you. The reduction depends on the age difference between you and your spouse and whether you retired on a disability or non-disability pension, as follows:
Non-Disability Husband-and-Wife Pension – The amount of a non-disability pension is multiplied by 89% if you and your spouse are less than one year different in age. For each full year your spouse is older than you, the 89% multiplier factor is increased by .4%. For each full year your spouse is younger than you, the 89% multiplier factor is decreased by .4%. In any case, your benefit cannot be greater than 99% of your original pension amount. (Section 5.02(b)(1))
Disability Pension – The amount of a non-disability pension is multiplied by 79% if you and your spouse are less than one year different in age. For each full year your spouse is older than you, the 79% multiplier factor is increased by .4%. For each full year your spouse is younger than you, the 79% multiplier factor is decreased by .4%. In any case, your benefit cannot be greater than 88% of your original pension amount. (Section 5.02(b)(2)).
For the Husband-and-Wife payment form to be in effect, you and your spouse must have been married to each other throughout the one-year period ending on the earlier of the date your pension benefits begin or the date of your death. However, if you marry less than one year before the date pension payments begin and you and your spouse have been married for at least a one-year period ending on or before your date of death, then you and your spouse will be considered as having been married throughout the one-year period ending on the effective date of your pension.
You cannot revoke the Husband-and-Wife payment form after your pension payments begin. The benefit payable to your surviving spouse under the Husband-and-Wife payment form will begin on the first of the month following your death, even if you retired on a Disability Pension before you reached 55 years of age. Once your pension begins in the Husband-and-Wife form, the amount you receive will not be increased if you and your spouse are later divorced. Your former spouse is treated as your spouse unless a Qualified Domestic Relations Order provides otherwise. Any rights of a former spouse under the Qualified Domestic Relations Order will be honored.
A Qualified Domestic Relations Order is a judgment, decree or order (including approval of a property settlement agreement) made under a state domestic relations law which relates to provision of child support, alimony, or marital property rights of a spouse, former spouse, child or other dependent. To be considered “qualified” by the Plan, the order must meet certain requirements. Please contact the Fund Office if you need more information.
PLEASE REMEMBER THAT, IF YOU ARE MARRIED, THE HUSBAND-AND-WIFE PAYMENT FORM WILL TAKE EFFECT AUTOMATICALLY, UNLESS YOU AND YOUR SPOUSE REJECT IT IN WRITING AND HAVE THE WAIVER WITNESSED BY A NOTARY PUBLIC. ONCE YOU RECEIVE THE REQUIRED INFORMATION FROM THE FUND OFFICE, YOU MAY JOINTLY REJECT THIS FORM OF PAYMENT AT ANY TIME DURING THE 90-PERIOD BEFORE YOUR PENSION BEGINS.
SINGLE LIFE PENSION WITH 36-PAYMENT GUARANTEE (SECTION 5.07)
If you are single (or you and your spouse have properly rejected the Husband-and-Wife form) and have elected no other optional form of benefit payment, the lifetime Regular or Early Retirement pension benefit payable to you is subject to a 36 month-Payment Guarantee. If you die before you have received 36 monthly payments, your monthly payment will continue to be paid to your designated beneficiary until both of you have received a combined total of 36 monthly payments. The 36-payment guarantee does not apply to Disability or Vested Pension. Such a pensioner who does not elect an available optional form of benefit payment will receive a pension for his or her lifetime, with payment ending on the participant’s death.