Optional annuities

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In addition to the two standard forms of annuity, there are five other annuity options that provide additional choices of how to receive your pension payments (see pages 23-26 of the 2006 Retirement Plan SPD and relevant Benefits Updates). If you are married, you must have your spouse’s written consent to choose any option that does not include your spouse as your beneficiary.

Life Benefit Only
If you choose this option, you will receive the same monthly pension payment as long as you live, but no benefits are paid after your death. Monthly pension payments are higher for this annuity, because there are no survivor benefits.

50% Joint and Survivor Annuity
You’ll receive the same monthly pension as long as you live. If you die before your designated beneficiary, monthly payments of half the amount you received prior to death will be paid to the beneficiary for the rest of his or her life. This option is not available for most who receive disability pensions, and other conditions may apply.

75% Joint and Survivor Annuity
You’ll receive the same monthly pension as long as you live. If you die before your designated beneficiary, monthly payments of 75% of the amount you received prior to death will be paid to the beneficiary for the rest of his or her life. This option is not available for most who receive disability pensions, and other conditions may apply. 

100% Joint and Survivor Annuity
You’ll receive the same monthly pension as long as you live. If you die before your designated beneficiary, monthly payments of the same amount you received prior to death will be paid to the beneficiary for the rest of his or her life. This option is not available for most who receive disability pensions, and other conditions may apply. 

Level Income Option
If you retire before you’re eligible for Social Security benefits, this option helps you maintain a consistent level of retirement income throughout retirement. Your pension payments are higher before you begin receiving Social Security payments and lower once Social Security begins, keeping your total retirement income approximately the same.

Coordination of a Joint and Survivor Annuity and Level Income Option
If you meet the requirements of both options, you can combine the Level Income Option with one of the Joint and Survivor Annuities listed above. This combination provides consistent retirement income throughout the lifetimes of both you and your spouse or beneficiary.

Pop-Up Option
You’ll receive the same monthly pension until you or your spouse dies. If you die before your spouse, he or she will receive for life monthly payments of half the amount you received prior to your death. If your spouse dies first, you will continue to receive monthly payments for life, but your payment amount will increase to the amount you would have received under the standard Five Year Certain and Life Annuity. If your spouse dies before you receive 60 monthly payments, you may designate another beneficiary.

Standard annuities
Retirement Plan at-a-glance intro page
Benefits at-a-glance main page

For a detailed description of the Optional Annuities,refer to the 2013 Retirement Plan Summary Plan Description and relevant Benefits Updates for details and additional information.