Payment of the 75% Husband-and-Wife and 100% Husband-and-Wife Options are subject to the following conditions:

-- You can only elect these options before the Trustees approve your pension application;

-- Your election cannot be revoked once it is approved by the Board of Trustees and payments begin; and

-- You may not elect these Options in conjunction with the 60-Month Guarantee or any other optional form of payment available under the Plan

If you retire on or after April 1, 1996 and are married, you can elect a 75% Husband-and-Wife Option. This form provides a reduced monthly benefit for you so that, upon your death, your spouse will receive 75% of the benefit that you were receiving for the rest of his or her life.

Your monthly benefit will be actuarially reduced taking into consideration the difference in your age and your spouse’s age. For most retiring participants, the reduction factor is calculated by starting with 85.5% and adding 0.6% for each year that your spouse is older than you or subtracting 0.6% for each year that your spouse is younger than you. (For participants retiring on a Disability Pension, the reduction factor is calculated by starting with 74.5% and adding 0.5% for each year that your spouse is older than you or subtracting 0.5% for each year that your spouse is younger than you.)

For example, you retire at age 62, are eligible for a Regular Pension of $1,500.00, and you and your spouse elect the 75% Husband-and-Wife Option. Your spouse’s age is 59. The reduction factor would be
83.7% based on a spouse who is three years younger. Therefore the payment under the 75% Husband-and-Wife Option would be $1,255.50 ($1,500.00 x 0.837 = $1,255.50). This amount is payable to you for your lifetime. If your spouse is living at the time of your death, he or she will receive a monthly benefit of $942.00 ($1,255.50 x 0.75 = $941.63, rounded to $942.00) for the remainder of his or her lifetime.

The actuarial factors are shown on the following table for participants with a spouse from one to 10 years younger or older

Spouse's Age Compared with Participant's Age Actuarial Factor for
75% Husband-and-Wife Option
  Non-Disability Disability
10 years younger 91.5% 79.5%
9 90.9% 79.0%
8 90.3% 78.5%
7 89.7% 78.0%
6 89.1% 77.5%
5 88.5% 77.0%
4 87.9% 76.5%
3 87.3% 76.0%
2 86.7% 75.5%
1 year younger 86.1% 75.0%
Same age 85.5% 74.5%
1 year older 84.9% 74.0%
2 84.3% 73.5%
3 83.7% 73.0%
4 83.1% 72.5%
5 82.5% 72.0%
6 81.9% 71.5%
7 81.3% 71.0%
8 80.7% 70.5%
9 80.1% 70.0%
10 years older 79.5% 69.5%