Standard annuities

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The Retirement Fund offers two standard forms of annuity:

Five Year Certain and Life Annuity
This standard annuity is the automatic option for most participants who are single at the time of retirement, and benefits are paid in this form unless you elect one of the optional forms of payment. It pays you a monthly pension throughout your life, and the amount never changes. If you die within five years of retiring, the remaining benefits will be provided to a beneficiary you designate until a total of 60 monthly payments are made (to you and your beneficiary combined).  

Qualified Joint & Survivor Annuity
This standard annuity is the automatic option for married participants, unless your legal spouse provides written consent to elect an optional form of payment. You’ll receive the same monthly pension as long as you live. If you die before your spouse, he or she will receive monthly payments of half the amount you received prior to your death. These survivor benefits continue throughout your spouse’s life.  The amount you receive in your lifetime is smaller than the Five Year Certain and Life Annuity, to reflect the continuing benefit to your surviving spouse.

Optional annuities
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For a detailed description of the Standard Annuities, refer to the 2013 Retirement Plan Summary Plan Description and relevant Benefits Updates for details and additional information.