Normal Form of Pension

The normal form of benefit under the Plan is a pension payable for your lifetime, with the guarantee that should your death occur before you have received 60 monthly payments your pension would continue to your beneficiary or estate until 60 payments in all have been made. However, if you have a spouse at the time you retire, an actuarial equivalent pension will be paid to you and your spouse as a joint and survivor pension during your joint lifetimes. Upon your death, the amount of pension will be reduced to 60% of the amount paid immediately before your death.

Note: Your spouse may waive his or her right to a survivor pension by completing and filing the prescribed forms with the Administrative Agent prior to your retirement.

Optional Forms of Pension

If the normal form of pension does not suit your needs the Plan provides the following and other optional forms, which may be more suitable to your personal requirements.

These options are:

a) an increased monthly pension payable for your lifetime only; or,

b) a reduced monthly pension payable for your lifetime but guaranteed to be paid for at least 120 months. If you should die before 120 monthly payments have been made, your beneficiary will receive the remainder of the guaranteed 120 monthly payments; or,

c) a reduced monthly pension payable for your lifetime but guaranteed to be paid at least 180 months. If you should die before 180 monthly payments have been made, your beneficiary will receive the remainder of the guaranteed 180 monthly payments; or

d) a reduced monthly pension payable for as long as you live and, after your death, the same reduced monthly pension will continue to be paid for the remaining lifetime of your spouse.

Once your pension payments commence, you will not be able to change the form of pension elected.

Payments with respect to joint and survivor forms of pension are only available to the spouse you have at the time of your retirement.

The Administrative Agent upon receiving your written request will provide more details on these and other optional forms of pension that may be available.

Your Retirement Date is considered to be the date on which your pension payments commence.

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In the event of any discrepancy between the contents of this website and the plan documents, the plan documents will apply.