Form of Payment
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Can I choose the Level Income Option if I also want my
spouse to receive the Qualified Joint and Survivor Annuity?
The calculation described above will be made
after the adjustments for the Qualified Joint and Survivor Annuity are made. So, if you die, your surviving
spouse will receive the same monthly amount he or she would have if you had not
elected the Level Income Option adjustment. Please, note: the "pop-up" feature is
not available on the Level Income with survivor benefits option.
When will my benefit be paid in a single sum?
If the single sum
value of your benefit is determined to be $5,000 or less on the date your
benefit is payable to you, you will receive a one-time cash payment instead of
one of the forms of annuity described above. This lump sum payment will be paid
to you automatically, without you or your spouse’s (if applicable) consent.
If you are re-employed
in Covered Employment after you have received a single sum cash payment from
the Plan, all of your prior Credited Service and Employer Contributions made on
your behalf which were used to calculate your single sum payment will be disregarded. Any
subsequent pension
benefits will be based upon your Credited Service and Employer Contributions
made on your behalf from the date of your reemployment.
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