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SOUND RETIREMENT | 38

FORMS OF PAYMENT

When you retire, you will be able to receive your pension benefit
in one of several forms of payment. You may not change your
selected form after you begin receiving your monthly payments.

The Sound Plan’s forms of payment are described in the following
sections. If you are single when you retire, you will automatically
receive your pension benefit as a single life annuity. If you are
married when you retire, you will automatically receive your
pension benefit as a 50% spouse annuity, unless you elect
otherwise and your spouse consents to that election.

When you apply for retirement benefits, you will be given
additional information concerning each of the following payment
options. You (and your spouse, if you are married) can make
the decision and change it as often as you wish before benefits
commence. However, no changes can be made after benefit
payments have commenced.

SINGLE LIFE ANNUITY

If you are single, the Sound Plan’s normal form of payment is the
single life annuity for your lifetime. Under this form of payment,
you receive a monthly payment for your lifetime equal to your
regular, early, late, or disability retirement pension.

50% SPOUSE ANNUITY
If you are legally married, the Sound Plan’s normal form of
payment is the 50% spouse annuity. Under this form of payment,
you receive a reduced monthly payment for your lifetime. If you
die after you retire and before your spouse, he or she will receive
50% of your monthly payment for the remainder of his or her
lifetime.

If you are legally married and select a payment option other
than the 50% spouse annuity, your spouse must consent to that
selection. This spousal consent must be witnessed by a notary
public. Written spousal consent is not required if you demonstrate
that you are legally separated or are unable to locate your spouse
or if spousal consent is not required by law.

Monthly payments under the 50% spouse annuity will be made
according to several rules.

 You and your spouse must have been legally married to each
other at the time of your benefit commences for the 50%
spouse annuity to apply,
 If your spouse dies before you, no further pension benefits will
be paid from the Plan following your death,