Your Payment Options

Spousal Annuities

50% Spousal Annuity

If you are married on your effective date (the date your benefits begin) and the balance in your individual account is more than $5,000, the normal form of payment will be the 50% Spousal Annuity. This payment form provides you with an actuarially reduced monthly benefit during your lifetime and, if you die before your spouse, your surviving spouse will begin receiving a monthly benefit for his or her lifetime equal to 50% of the monthly benefit you were receiving.

75% Optional Spousal Annuity

If the balance in your individual account is more than $5,000, you may reject the 50% Spousal Annuity and elect the 75% Optional Spousal Annuity. This payment form provides you with an actuarially reduced monthly benefit during your lifetime and, if you die before your spouse, your surviving spouse will begin receiving a monthly benefit for his or her lifetime equal to 75% of the monthly benefit you were receiving.

Purchasing a Spousal Annuity Contract

The amount of your monthly 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 50% Spousal Annuity or 75% Optional Spousal Annuity you may use your Accumulated Share to purchase an irrevocable annuity contract from an insurance company in the annuity form you elect.

Your purchase of a 50% Spousal Annuity or 75% Spousal Annuity will discharge the Trustees of all obligations to you and your spouse. Thereafter, all matters relating to your annuity contract will be the sole responsibility of the insurance company.

Your benefit will be paid in the form of a 50% Spousal Annuity or 75% Optional Spousal Annuity, whichever is applicable, unless both you and your spouse elect, in writing, to waive this benefit and designate an optional form of benefit. This optional form of benefit may not be changed without the consent of your spouse (or your spouse can expressly permit another designation without further consent). Your spouse’s consent, under any such circumstances, must acknowledge the effect of such election and be witnessed by a Notary Public.