Your session is about to expire due to inactivity.
Pension Plan

Retirement Benefit Payment Options

Under the Plan, a Participant may elect to receive retirement benefits in one of the following retirement benefit payment options. Only one payment option may be chosen and, the payment option cannot be changed on or after your Retirement Date under the Plan.

The decision of how a Participant wants the retirement benefit to be paid is an important and irrevocable one. The Administrative Office personnel will be glad to help calculate retirement benefits under any of the available options so that the Participant can decide which payment option he or she wants.

For the purposes of the Qualified Joint and Survivor Annuity Options, the Plan is entitled to rely on a Participant's representation as to whether or not he or she is married and, if so, to whom. The Plan may deny benefits to a person claiming to be the spouse if it contradicts the information the Participant provides to the Plan. Please refer to the section titled Information and Proof on page 35 for more information regarding a Participant's responsibility to provide accurate information and representation to the Plan.

Important: Federal law treats opposite-sex and same-sex spouses or domestic partners differently

While the Plan generally treats Qualified Domestic Partners and spouses similarly, certain Plan provisions (such as when the law mandates that benefits commence, the life expectancy over which benefits are paid or the right to roll over distributions) are required by federal law to differ for those who are considered spouses under federal law and those who are not. Thus, Qualified Domestic Partners will be treated differently for certain purposes.

Important: Qualified Domestic Relations Orders may affect the benefits of divorced retirees

If a Participant is divorced or in the process of getting divorced, a court may issue a Qualified Domestic Relations Order A judgment, decree or order which meets certain requirements and provides that all or a portion of a Participant's benefit is to be paid to an alternate payee (a spouse, former spouse, child, or other dependent of the Participant). (QDRO) as part of the divorce settlement which could affect the choices of annuities available and also who may receive any survivor benefits in the event of the Participant's death. To learn more about QDROs and how they may be applied, refer to the FAQ: Can Retirement Benefits be affected by changes in marital status? on page 37.