Spousal Benefits

Understanding Your Rights

Waiving your right to a Joint and Survivor option is a very important decision. Before you sign, review all options carefully. Be sure you understand what benefits you may get and what benefits you will no longer be able to receive.

Your spouse should have received information on the types of pension benefits available from the pension plan. If you have not seen this information, you should get it and read it before you sign the Spouse’s Consent Form. You can also contact our Call Center at 1-800-458-1010.  Please note that our Call Center Representatives will not be able to discuss the specifics of your application without prior written consent.

Your Pension Options and Beneficiary Choices

You have seven (7) pension options. The amount you receive each month will vary depending on the option that you choose. For instance, if you choose an option that provides for your spouse after our death, your monthly payment will be less. This is because your total benefit is paid out over two lives — yours and then your spouse’s.

If you are married and would like to name a beneficiary other than your spouse for Options 2,3, or 4, your spouse will need to sign and notarize the Spousal Waiver Form that will be provided to you upon approval of your benefits.  This advises the Pension Fund that your spouse has agreed to forfeit their right to a pension benefit after your death.  Please be sure you and your spouse sign and notarize this form before submission to prevent unnecessary delays in you receiving your benefits.  If you are married and do not return this form correctly, your benefits will be delayed.

 

 The Plan guarantees benefits of 36 times your Monthly Benefit for Single Pensions.

SINGLE PENSION A Single Life Option provides you with a guaranteed payment equal to 36 times your monthly accrued benefit or your lifetime, whichever is greater, after the adjustment for early retirement (if any) but before the adjustment for any optional payment form.
50% SPOUSAL Monthly Benefit payable for the participant’s lifetime, with 50% of the benefit payable for spouse’s lifetime at participant’s death (Eligible Spouse Only).  This option is required by law and spouse must waive rights to benefits.
50% JOINT & SURVIVOR Same as 50% Spousal (with Non-Spouse Beneficiary)
75% JOINT & SURVIVOR Monthly benefit payable for the participant’s lifetime, with 75% of benefit payable for spouse’s lifetime at participant’s death.   
100% JOINT & SURVIVOR Monthly benefit payable for participant’s lifetime, with 100% of benefit payable for spouse’s lifetime at participant’s death.
60-MONTH CERTAIN & LIFE Monthly benefit payable for participant’s lifetime, but in no event will benefits be paid for less than 5 years.
120-MONTHS CERTAIN & LIFE Monthly benefit payable for participant’s lifetime, but in no event will benefits be paid for less than 10 years
LEVEL INCOME OPTION         Monthly benefit is increased by a percentage of estimated amount payable from the Social Security Administration at age 62, benefit is reduced at age 62 by full Amount of government pension whether or not you actually apply for the benefits at that time.