Pension Summary Plan Description

7.3 Joint Annuity

The Joint Annuity options pay monthly retirement benefits to you from your Retirement Date until your death. These benefits are actuarially adjusted to take into consideration the difference between your age and the age of your Joint Annuitant. After your death, these options pay benefits to your Joint Annuitant. Benefits continue until your Joint Annuitant's death. If your Joint Annuitant dies before you, benefit payments end at your death.

Your Joint Annuitant is the person you name to receive Joint Annuity payments after your death. You can name your Spouse or any other person.

However, if you are married on your Retirement Date, your Spouse must consent to any form of payment other than a Joint Annuity or payment to any Beneficiary other than your Spouse. Neither you nor your Spouse can revoke this consent. If spousal consent cannot be obtained, your form of payment will be defaulted to the 50% Joint Annuity.

You can select any one of the following joint annuities:

  • The 50% Joint Annuity Option provides you with monthly pension payments for your lifetime. When you die, your Joint Annuitant will continue to receive pension payments equal to 50% of your pension payment. For example, if you are entitled to $1,200.00 per month under this option, and you die before your Joint Annuitant, that person would receive $600.00 per month for their lifetime.
  • The 66⅔% Joint Annuity Option provides you with monthly pension payments for your lifetime. When you die, your Joint Annuitant will continue to receive pension payments equal to 66⅔% of your pension payment. For example, if you are entitled to $1,200.00 per month under this option, and you die before your Joint Annuitant, that person would receive $800.00 per month for their lifetime.
  • The 75% Joint Annuity Option provides you with monthly pension payments for your lifetime. When you die, your Joint Annuitant will continue to receive pension payments equal to 75% of your pension payment. For example, if you are entitled to $1,200.00 per month under this option, and you die before your Joint Annuitant, that person would receive $900.00 per month for their lifetime.
  • The 100% Joint Annuity Option provides you monthly pension payments for your lifetime. When you die, your Joint Annuitant will continue to receive pension payments equal to 100% of your pension payment. For example, if you are entitled to $1,200.00 per month under this option, and you die before your Joint Annuitant, that person would receive $1,200.00 per month for their lifetime.