DB Retirement Options

Choices of a Lifetime

When the time approaches that you are ready to decide on your benefit option, many things need to be considered.You and your spouse (or beneficiary) together should look over the options and determine what will meet your needs for your retirement years along with any other income you may receive. The option you select will remain as your permanent monthly benefit over your lifetime as well as your beneficiary’s lifetime.

Five Options

Your monthly income will vary according to which option you choose. For an explanation of the Defined Benefit formula, click here.

The options are as follows:

A.  This option provides a monthly income for the life of the participant only.
A monthly benefit will be paid during the participant’s lifetime and no further benefit payments will be made after death.

B.  This option provides a monthly life income with payments guaranteed for 120 months.
A monthly benefit will be paid during the participant’s lifetime, and if 120 payments have not been paid at the date of death, the remaining guaranteed payments will be paid to the designated beneficiary.

C.  This option provides a joint and one-half to survivor income.
A monthly benefit will be paid during the participant’s lifetime, and after death, an amount equal to one-half of such payments will continue to the joint annuitant during his or her lifetime.

D.  This option provides a joint and two-thirds to survivor income.
A monthly benefit will be paid during the participant’s lifetime, and after death, an amount equal to two-thirds of such payments will continue to the joint annuitant during his or her lifetime.

E.  This option provides a joint and full to survivor income.
A monthly benefit will be paid as long as either the participant or his or her joint annuitant survives.