50% or 75% Joint & Survivor Annuity (formerly called the Husband-and-Wife Pension)

This is the automatic form of payment for married Participants and is not available to unmarried Participants. If the Participant and Spouse want to elect the Single Life Annuity, they must reject this form of payment at retirement.

This form provides a reduced monthly pension to the pensioner for life. If the pensioner dies before the Spouse, 50% or 75% of the reduced monthly pension, whichever the pensioner and Spouse elect at retirement, will continue to be paid to the pensioner’s surviving Spouse for the Spouse’s lifetime. It is reduced from the Single Life Annuity form because it spreads benefits over two lifetimes – the pensioner and the Spouse. The amount of reduction is based on the ages of the pensioner and Spouse. The amount of reduction will be larger (the amount of monthly pension smaller) under the 75% form than under the 50% form. The Participant and Spouse must elect, at retirement, if they want the 50% or the 75% survivor’s annuity.

The Spouse who is married to the Participant at the time of the Participant’s retirement will be entitled to this lifetime pension even if the Participant and Spouse are subsequently divorced. If the Spouse dies before the Pensioner, all payments cease upon the pensioner’s death. If both deaths occur before 36 monthly payments have been made, payments will continue to be paid to the pensioner’s beneficiary on the account until a total of 36 payments have been made.

The amount of pension payable under the Joint & Survivor Annuity is calculated as follows:

50% Joint & Survivor Annuity

Non-Disability Pension

Multiply the amount of pension payable under the Single Life Annuity by 94% minus 0.5% for each year the Spouse is younger than the pensioner or plus 0.5% for each year the Spouse is older than the Pensioner, but not more than 100%.

Disability Pension

Multiply the amount of pension payable under the under the Single Life Annuity by 91.5% minus 0.4% for each year the Spouse is younger than the pensioner or plus 0.4% for each year the Spouse is older than the Pensioner, but not more than 100%.

75% Joint & Survivor Annuity

Non-Disability Pension

Multiply the amount of pension under the under the Single Life Annuity by 89.0% minus 0.5 % for each year the Spouse is younger than the pensioner or plus 0.5% for each year the Spouse is older than the Pensioner, but not more than 100%.

Disability Pension

Multiply the amount of pension payable under the Single Life Annuity by 82.0% minus 0.4% for each year the Spouse is younger than the pensioner or plus 0.4% for each year the Spouse is older than the Pensioner, but not more than 100%.

Special Rules for the Joint & Survivor Annuity. The Joint & Survivor Annuity will not be paid:

1. Unless the Participant and Spouse are lawfully married when pension payments begin, unless a Qualified Domestic Relations Order provides otherwise.
2. If the marriage of the Participant and Spouse is legally terminated before the pension begins, unless a Qualified Domestic Relations Order provides otherwise.
3. If the marriage of the Participant is legally terminated before the Participant dies, if the Participant dies before a pension is payable,unless a Qualified Domestic Relations Order provides otherwise.
4. If the Participant and Spouse are lawfully married to each other for less than one year before the Participant dies.
5. If the Spouse dies before the Participant’s pension begins or before the Participant’s death, if the Participant dies before a pension is payable.

The Trustees will rely on your written statement before your pension begins to determine if you are married. If the statement is false, the Trustees will adjust the pension to recoup payments made in error.