Choosing a Payment Option

The Plan offers a number of pension payment options:

• 60-Month Guarantee
  
  
• 50% Husband-and-Wife Pension
  
  
• 75% Husband-and-Wife Pension
  
  
• 100% Husband-and-Wife Pension
  
  
• Partial Lump Sum Option
  
  
• Level Income Option

When you apply for your benefits, the Fund Office will provide you with estimates of your benefit payable in the different forms available under the Plan. You are entitled to only one pension under the Plan. Once payments begin, you cannot change from one type of pension to another or from one optional form of payment to another optional form, except that:

• If you were receiving a disability pension and recover from your total and permanent disability, you are entitled to a different kind of pension; or
  
  
• You may receive benefits as both a prior Plan participant and as a spouse or beneficiary of a deceased participant.

If you are married, you will have until the Effective Date of your pension or, if later, 30 days after the date of the estimate to decide whether or not you want your pension paid as a 50% Husband-and-Wife Option. Please note that you can waive the 30-day waiting period with your spouse’s consent and can begin receiving your pension benefits after only a seven-day waiting period.

You can make a choice or change a previous election by completing, signing, and returning the election form to the Fund Office within the period described. In no event can the election be changed after the
later of the Effective Date of your pension or 30 days from the date of the written estimate.

You should also note that if you (and your spouse, if you are married) wish to elect an optional form of payment other than the 50% Husband-and-Wife Option, the rejection cannot be made more than 90 days
before the Effective Date of your pension.

When you retire, your marital status determines your benefit payment options. If you choose the 60- Month Guarantee or 50% Husband-and-Wife Option, you may also be eligible to elect the Level Income Option or Partial Lump Sum Option. The Level Income Option is designed to provide nearly equal payments before and after Social Security benefits begin, and the Partial Lump Sum Option offers an upfront lump sum benefit payment that is then subtracted when calculating your subsequent monthly benefit amount.

Each of these payment options is described in this section. The options that you are eligible to choose will depend on your marital status. The right form of payment for you depends on your individual situation.
You may want to consult a financial planner when considering the option that is best for you