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BENEFIT PAYMENT OPTIONS

As discussed on page ___, if you are married, the standard form of payment for all types of pensions is the Husband-and-Wife payment form. However, if both you and your spouse formally reject the Husband-and-Wife payment form in writing and have your signatures witnessed by a Notary Public (or a Plan Representative), together you may choose from other payment options. If you are single at retirement, you may choose a form of payment other than the lifetime benefit. The available payment options are discussed below.

JOINT LIFE AND SURVIVORSHIP OPTION (SECTION 5.10)

If you are eligible to receive a Regular or Early Retirement Pension, you may choose for your beneficiary, your spouse or someone else, to receive a lifetime benefit equal to 100% of the reduced amount you have been receiving during retirement. This option is not available to Participants who retire on a Disability Pension.

If you elect the Joint and Life Survivorship option, it will not take effect until twelve months after you have made this election. If you decide to retire before this twelve month period has elapsed, you will receive your Regular or Early Retirement Pension in the Husband-and-Wife form (if you are married and if applicable, otherwise you will receive the 36-month guarantee form) until the option is effective. The amount that you will receive as of the effective date of the option will be reduced as follows:

The amount of the Regular or Early Retirement Pension is first multiplied by 80%. For each full year your beneficiary is older than you, the 80% multiplier factor is increased by .6%. For each full year that your beneficiary is younger than you, the 80% multiplier factor is decreased by .6%. In any case, your benefit may not be greater than 96% of your original pension amount.

If you choose a beneficiary other than your spouse to receive this benefit and the beneficiary is more than ten years younger than you, your benefit may be reduced somewhat because of IRS regulations. If this applies to you, the Fund Office will let you know.

The option will not take effect if you or your beneficiary dies before the first payment. Otherwise, if your beneficiary dies after the effective date of the option, you will continue to receive the reduced amount for the remainder of your lifetime.

TEN YEAR GUARANTEED OPTION

If you are eligible to receive a Regular or Early Retirement Pension, you may choose to receive payment for life in a reduced monthly amount, and if you die before receiving 120 payments, your beneficiary will continue to receive payments in the reduced amount until 120 payments have been made.

The amount of the Regular or Early Retirement Pension is first multiplied by 92% plus .5 for each year you are younger than age 65 when the benefit is first payable, or minus 1.0 percentage points for each year you are over age 65 when the pension benefit is first payable. Your benefit may be further reduced in certain circumstances due to IRS regulations. If this applies to you, the Fund Office will let you know.

EFFECT OF WORK AFTER RETIREMENT ON PAYMENT OPTIONS (SECTION 6.09)

If you retire before Normal Retirement Age and return to Covered Employment, you can elect a different payment form for any additional benefits you earn during your return, unless you earn at least three consecutive years of Vesting Service after you return. If this is the case, you will be allowed to elect a different payment form for all of benefits, including those earned before you return.

Once you have retired at or after Normal Retirement Age, any additional benefits you earn when you return to work will be paid in the form you elected when you retired after Normal Retirement Age, unless you earn at least three consecutive years of Vesting Service after you return. If this is the case, you will be allowed to elect a different payment form for all of your benefits including those earned before your return.

The following special rules also apply:

  • If you rejected the 50% Husband-and-Wife payment form at retirement, the surviving spouse protection for active employees will be restored until the January 1st after you complete a year during which you work 950 hours or more.


  • If you chose any of the other optional forms of payment described above, you will not be entitled to the surviving spouse protection for active employees.


  • If you elected the 36 month-payment guarantee, its protection stops when you requalify for death benefits for active employees (350 hours of work in a calendar year). The guarantee will be in force when you retire again, but the payments made during your first retirement count toward the 36 payments.


  • The 36 month-payments guarantee is always based on all pension payments you ever receive from this Fund, even if you change your option when you retire again.
BENEFICIARY DESIGNATION (SECTION 7.11)

You may designate one or more people as a Beneficiary to receive the benefits, if any, provided under section 5.08 by forwarding an application form to the Fund Office. An unmarried Participant may change this beneficiary at any time without the consent of the beneficiary. A married Participant may change the designated beneficiary only with the consent of their spouse. The Trustees, however, will pay benefits based on the most recent designation that was received by the Fund Office prior to the date benefit payments are to begin. If you do not designate a beneficiary, or if your beneficiary dies before you, the benefit will be paid to the first of the individuals in the order listed:

  • Your surviving spouse; then


  • Your surviving children; then


  • Your surviving natural parents.

If none of these beneficiaries are living, no benefit will be paid.

If the present value of any pension benefit payable under this Plan, including Death Benefits, is $5,000 or less, the Trustees will pay that benefit in a lump sum regardless of any prior elections or provisions to the contrary.