A GUIDE TO YOUR DEFINED BENEFIT PENSION PLAN

Forms Of Payment

FAST FACTS

  • The standard form of payment for married participants is the Joint & Survivor Pension.
  • The standard form of payment for single participants is the Lifetime Pension with 60 Months Guaranteed (this is the optional form for married participants).
  • If married, you may reject your Joint and Survivor form of payment and elect the Lifetime Pension with 60 Months Guaranteed form of payment, but only if your spouse gives voluntary written, notarized consent.

When you retire at normal retirement or earlier, your pension benefit will be paid in equal monthly installments (an annuity). Keep in mind that once your payments begin, you cannot change your form of payment.

WHAT IS AN ANNUITY?

An annuity is a payment made every month in the same dollar amount.

DEFINITION OF “SPOUSE”

Your Spouse is the person to whom you are lawfully married in a binding marriage under the laws of a State or the District of Columbia.