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What Forms of Payment are Available Under the Plan? 
There are several types of benefits that are payable under the Plan. They are the 60 Certain Guaranty, the 50% Husband-and-Wife Benefit, the optional 75% Husband-and-Wife Benefit and the optional 100% Husband-and-Wife Benefit.

What is the 60 Certain Guaranty?
The 60 Certain Guaranty is the normal form of benefit under the Plan. Your pension is payable in this form if you retire on any type of pension and you are not married or if you and your spouse reject the 50% Husband and Wife benefit (explained below) and elect the 60 Certain Guaranty.
 
The 60 Certain Guaranty is a monthly benefit payable for your lifetime with 60 monthly payments guaranteed. This means if you die before receiving a total of 60 monthly pension payments, the remaining monthly pension payments will continue to your Pension Fund designated beneficiary. In the absence of a Pension Fund designated beneficiary, payment will continue to your surviving spouse, surviving children, surviving parents or Welfare Fund beneficiaries, in that order, until a total of 60 monthly pension payments have been made. If you have received 60 or more monthly pension payments before your death, there are no additional payments due from the Plan to anyone upon your death.
 
Effective on or after March 1, 1994, if you are receiving a Husband-and-Wife Benefit (explained below) and both you and your spouse die before receiving a cumulative total of 60 monthly pension payments, your monthly pension will continue to your contingent beneficiary, surviving children, surviving parents or Welfare Fund beneficiaries, in that order, until a total of 60 monthly payments have been made. If, at the time of your deaths, you and your spouse have received a cumulative total of 60 or more monthly pension payments, there will be no additional payments to anyone.
What Is the 50% Husband-and-Wife Benefit?
This form of benefit provides a reduced monthly benefit for you for your lifetime so that, upon your death, your surviving spouse will begin to receive a monthly pension in the amount of 50% (half) of the benefit amount that you were receiving for the rest of his or her lifetime. If you are married when your pension benefit begins, Federal Regulations require that your pension be paid in the form of a 50% Husband-and-Wife Benefit unless you and your spouse reject this form of payment and select one of the other forms of payment. Your spouse must consent to this rejection in writing on a form provided by the Pension Fund and the consent must be witnessed by a notary public.
 
You may not elect this option if you are unmarried. Once your pension becomes payable in this form, it cannot be changed. (However, see the sections below discussing what happens if your spouse dies before you or you and your spouse divorce after your pension starts.) To qualify for the 50% Husband-and-Wife Benefit, you must be married for at least one year preceding the date of your death to the same spouse that you were married to at the time your pension commenced.  
What Is the 75% Husband-and-Wife Benefit?
This form of benefit becomes available to pensions effective on or after July 1, 2009. This form of benefit provides a reduced monthly benefit for you for your lifetime so that, upon your death, your surviving spouse will begin to receive a monthly pension benefit in three quarters of the amount that you were receiving for the rest of his or her life.
You may not elect this option if you are unmarried. Once a pension becomes payable in this optional form, it cannot be changed. (However, see the sections below discussing what happens if your spouse dies before you or you and your spouse divorce after your pension starts.)To qualify for the 75% Husband-and-Wife Benefit, you must be married for at least one year preceding the date of your death to the same spouse that you were married to at the time your pension commenced. 
What Is the 100% Husband-and-Wife Benefit?
This form of benefit provides a reduced monthly benefit for you for your lifetime so that, upon your death, your surviving spouse will begin to receive a monthly pension benefit in the same amount that you were receiving for the rest of his or her life.
However, you may not elect this option if you are retiring on a Partial Pension or Limited Pension. You may not elect this option if you are unmarried. Once a pension becomes payable in this optional form, it cannot be changed. (However, see the sections below discussing what happens if your spouse dies before you or you and your spouse divorce after your pension starts.)To qualify for the 100% Husband-and-Wife Benefit, you must be married for at least one year preceding the date of your death to the same spouse that you were married to at the time your pension commenced. 
How are all of the Husband-and-Wife Benefits Calculated?
Your monthly pension benefit will be actuarially reduced taking into consideration the difference between your age and your spouse’s age and the benefit form you are electing (50%, 75%, or 100%).
Note that there are separate factors for Non-Disability and Disability pensions.
For all of the Husband-and-Wife Benefit forms, your surviving spouse’s benefit will be effective the month following your death (your spouse does not have to meet a minimum age requirement to begin receiving benefits) and continue until the later of your spouse’s death or until a total of 60 payments are made. Benefit payments to your spouse are guaranteed for your spouse’s lifetime regardless of whether or not your spouse subsequently remarries. 
After My Pension Begins What If My Spouse Dies Before I Do?
If your pension is in one of the Husband-and-Wife forms and your spouse dies before you, your pension amount will be increased to the single life annuity amount payable as a 60 Certain Guaranty (or the Death Benefit Pension if you retired on a Disability Pension). This increase will be effective the month following the month of your spouse’s death. This benefit adjustment is commonly known as a “popup” feature.  
After My Pension Begins What if My Spouse and I Divorce?
If your pension has commenced and is in one of the Husband-and-Wife forms and your marriage is dissolved pursuant to a valid divorce decree effective on or after May 1, 2008, and through a Qualified Domestic Relations Order your spouse has waived his or her right to a pension under the Plan, then your pension amount will be increased to the single life annuity amount payable as a 60 Certain Guaranty. This is another type of “popup” feature.

 

 
 

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