Pension Fund

  > Benefit Options

When you apply for a pension, the Fund Office will calculate the amount of your benefit and discuss your options for payment. The Plan offers several benefit payment options:

  • A Participant-Spouse Pension
  • A Life Pension
  • A Ten-Year Certain and Life Pension
  • A Joint and Survivor Pension
  • A Lump-Sum Payment, if the total value of your pension benefit is $3,500 or less
  • A One-Time Re-Adjustment Allowance


The Participant-Spouse Pension
If you are married when you retire from the Fund, your pension benefit is automatically payable as a Participant-Spouse Pension. This option provides a reduced monthly benefit for you and your spouse for your lifetimes. If you die before your spouse, your spouse will continue to receive a percentage of the amount (either 75% or 100%, depending on which you choose) that you were receiving before your death. The amount of the reduction in your benefit is based on the difference in age between you and your spouse and the option you elect—the higher the percentage, the greater the benefit reduction.

You may also elect a Pop-Up Option with the Participant-Spouse Pension. Under this option, if your spouse dies before you do, your benefit will “pop-up” to the amount it would have been if you had elected the Life Pension instead of the Participant-Spouse Pension.

Even if you are married, you may choose to reject the Participant-Spouse Pension. However, your spouse must consent to this rejection in writing, and the rejection must be bank guaranteed or witnessed by a representative from the Pension Plan.

Life Pension
If you are single when you retire, or if you are married and choose not to receive your pension in the form of a Participant-Spouse Pension, you may elect to receive your benefit as a Life Pension.

A Life Pension provides for payment of a monthly pension for you for your lifetime. If you die before receiving 60 monthly payments, the balance will be continued to your designated beneficiary.

If you are not married when you retire, your pension benefit will automatically be paid as a Life Pension unless you elect the Ten-Year Certain and Life Pension or the Joint and Survivor Pension, described below.

Ten-Year Certain and Life Pension
This option provides for payment of a reduced monthly pension for your lifetime. If you die before receiving 120 monthly payments, the balance will be paid to your designated beneficiary.

Joint and Survivor Pension
You may elect a Joint and Survivor Pension if you are married or single when you retire. The Joint and Survivor Pension provides a reduced benefit for you so that when you die, your designated beneficiary will receive 50%, 75%, or 100% of the amount you were receiving prior to your death. Your reduction is based on the difference in age between you and your beneficiary, and the percentage you elect to provide (50%, 75% or 100%).

Lump-Sum Payment
If the total benefit you are eligible to receive is $3,500 or less, you will receive your benefit in one lump sum.

Re-Adjustment Allowance
When you apply for your pension, you may elect to reduce your monthly benefit in exchange for a lump-sum payment—called a “re-adjustment allowance”—payable upon your retirement. If you choose this option, you elect a dollar amount that cannot reduce your monthly pension benefit by more than 10% and cannot exceed $15,000.