Pension Summary Plan Description

7.1 Straight Life Annuity

The Straight Life Annuity pays monthly retirement benefits to you from your Retirement Date until your death. It does not pay benefits to any survivor after your death. No actuarial adjustment is made when your benefit is paid as a Straight Life Annuity.

If you have been married at least one year when you retire you may, with your Spouse's consent, elect to receive benefits in the form of a Modified Straight Life Annuity. This option gives your Spouse the protection of receiving the survivor's portion of the 66⅔% Joint Annuity Option if you die within the first twelve months after retiring. If you die after the first twelve months, your Spouse would not receive a survivor benefit. The reduction in your Straight Life Annuity benefit would be 5% for this option. The 5% charge ceases after the earlier of (1) the first twelve months of payment of the Modified Straight Life Annuity, or (2) your death.