Disbursement Options

Forms of Payment for Pension Benefits
Joint-and-Survivor Pensions (Available only to married participants)
Joint-and-Survivor pension	This is the automatic form of payment if you are married (unless you and your spouse reject this form of payment). This form provides a lifetime monthly income for you. If your spouse outlives you, he or she receives a monthly income for life of 50% of the amount you were receiving, starting after your death. Your monthly payment amount is less than you would receive under the five-year certain and life pension because your benefit has to cover your spouse's expected life span. If your eligible spouse dies before you, your monthly payment amount will increase (30 days after you provide the Fund Office with your spouse's death certificate) to the amount you would have received under the five-year certain and life pension (if your pension starts October 1, 1998, or later). Contact the Fund Office to designate a new beneficiary, should your spouse pass away prior to you receiving five years of pension benefits.
66-2/3% Joint-and-survivor pension	This form is like the husband-wife pension above, with one difference: if your eligible spouse outlives you, he or she then receives a monthly income for life of 66 2/3 percent of the amount you were receiving. This further reduces your monthly amount because it has to cover your spouse's expected life span at a higher payment level. If your spouse dies before you, your monthly payment amount will increase (30 days after you provide the Fund Office with your spouse's death certificate) to the amount you would have received under the five-year certain and life pension (provided your pension starts October 1, 1998, or later). Contact the Fund Office to designate a new beneficiary, should your spouse pass away prior to you receiving five years of pension benefits.
75% Joint-and-survivor pension	This form is like the husband-and-wife pension above, with one difference: if your eligible spouse outlives you, he or she then receives a monthly income for life that is 75 percent of the amount you were receiving. This further reduces your monthly amount because it has to cover your spouse's expected life span at an even higher payment level. If your spouse dies before you, your monthly payment amount will increase (30 days after you provide the Fund Office with your spouse's death certificate) to the amount you would have received under the five-year certain and life pension (provided your pension starts October 1, 1998, or later). Contact the Fund Office to designate a new beneficiary, should your spouse pass away prior to you receiving five years of pension benefits.
Five-year certain and life pension	This is the automatic form of payment if you are single. It provides a lifetime monthly income for you. If you die before five years of payments (60 monthly payments) have been made, payments will be made to your beneficiary (for the same amount you were receiving) for the remainder of the 60-month period.

Lump-sum payment	This is the automatic form of payment if your lifetime pension has a present value of $7,000 or less at the time it becomes payable. It is a one-time payment of the entire value of your benefit. This is a not a payment option you can select. Contact the Fund Office for more information.