Summary Plan Description

How Benefits are Paid

If You Are Single

If you are not married on your Effective Date, the standard form of payment is the Lifetime Pension (a single life annuity). It pays you monthly pension payments for your lifetime and stops when you die.

60-Month Certain Payments Feature

If you are covered under the First Alternative or the Second Alternative, and you die before you have received 60 monthly pension payments, payments continue to your Beneficiary until a total of 60 monthly payments have been made.

The 60-Month Certain Payment Feature does not apply to Disability Benefits or to pensions paid in the form of a 75% or 100% Joint and Survivor Annuity.

If You Are Married

A Joint and Survivor Annuity provides you with monthly pension payments for life and, after you die, for the life of your spouse. The Plan has three Joint and Survivor options:

  • 50% Joint and Survivor Annuity
  • 75% Joint and Survivor Annuity
  • 100% Joint and Survivor Annuity.

Your benefit will automatically be paid as a 50% Joint and Survivor Annuity if you are married on your Effective Date, unless you elect the 75% or 100% Joint and Survivor Annuity or your spouse completes a notarized Joint and Survivor Annuity Rejection Form.

If you get married after your Effective Date, your form of benefit payment will not be changed to a Joint and Survivor Annuity. Similarly, if you elect a Joint and Survivor Annuity and are later divorced or remarried, you cannot change your form of payment.

If you retire with a Joint and Survivor Annuity and your spouse dies before you, you may be entitled to an increase. Under the Plan, some Participants may be eligible for a Pop-Up feature, which results in an increase in all or a portion of monthly pension payments.

Lump Sum Payment Option

If the total value of your benefit is less than $1,000, it will be paid automatically in one lump sum. If the lump sum value of your benefit is greater than $1,000 but less than $5,000, you may elect to have it paid in a single lump sum. This payment will be in place of any monthly benefit payments to you, your spouse or any other person.

Deferring Your Pension

You may choose to defer your pension start date so that you begin receiving payments after your Normal Retirement Age. The monthly benefit amount for a deferred pension is the greater of the benefit payable on the Effective Date or the accrued benefit at Normal Retirement Age, actuarially increased for each calendar month between Normal Retirement Age and the Effective Date.

Overpayment of Benefits

If the Plan overpays you or your beneficiary for any reason, you must return the overpayment. The Board of Trustees has the right to recover any benefit payments that were based on false or fraudulent statements, information or proof submitted, as well as any benefit payments made in error. Amounts recovered may include interest and costs.

If you are overpaid, the Plan may offset future payments to you, your Spouse, and/or your Beneficiary to recover any overpayment, or use other legal means as deemed necessary, regardless of whether the overpayment was caused by mistake of the Plan, by you, or for any other reason.

This page includes only highlights of the Plan’s rules about how benefits are paid. See the Details Tab for more information.

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