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If you are unmarried when you retire, your benefit will be paid as a 60-Month Guarantee. If you are married when you retire, you may elect to receive your benefit as a 60-Month Guarantee with your spouse’s written, notarized consent.
The 60-Month Guarantee provides you with monthly pension payments for your lifetime. If you die before receiving 60 payments, your spouse or designated beneficiary (if you are unmarried) will receive your monthly benefit until 60 payments, including the payments to you, have been made.
If your spouse or designated beneficiary also dies before a total of $1,500 in monthly pension payments has been paid to him or her, the difference between the amount of payments actually made and $1,500 will be paid as a lump sum to the beneficiary designated by your designated beneficiary.