If you are not married on your effective date and the balance in your individual account is more than $5,000, the normal form of payment is the Life Annuity. The Life Annuity payment form provides you with a monthly benefit for your lifetime and ceases upon your death. The amount of your monthly Life Annuity benefit will be determined on the basis of the value of your Accumulated Share on your effective date. If you receive your benefit as a Life Annuity, you may use your Accumulated Share to purchase an irrevocable annuity contract from an insurance company in the annuity form you elect.
If you are married on your effective date and you and your spouse properly waive the Spousal Annuity, you may elect to receive your Accumulated Share in the form of a Life Annuity.
You may reject the Life Annuity by filing a rejection of the Life Annuity anytime within the 180-day period preceding your effective date.
Your purchase of a Life Annuity will discharge the Trustees of all obligations to you. Thereafter, all matters relating to your annuity contract will be the sole responsibility of the insurance company.
Your election remains in effect
Once you elect a payment in the form of an annuity and you begin receiving your monthly benefit, you may not change this form of payment.