Page 42 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 40

you are receiving a disability pension before age 65, although you
may change your disability retirement payment to a contingent
annuity benefit option once you reach age 65, unless you are
already receiving your pension as a 50% spouse annuity.

You must choose this option before your first pension payment
is issued. The option can only be revoked if notice is given to the
Trustees before your pension starts.
The factor used for your contingent annuitant benefit option
depends on the annuity form you select and the age difference
between you and your spouse, as shown in the following table.

Plus this
If you select Or minus this
the following Your base percentage for percentage for each
each year your
factor will
contingent be… spouse is older year your spouse is
annuity option… younger than you…
than you…
75% annuity 88% +0.5% −0.5%

100% annuity 84% +0.6% −0.6%

LUMP SUM PAYMENT
If the actuarial value of your pension benefit is $5,000 or less
when you apply to receive a benefit, the Board of Trustees will
automatically pay this amount in a single lump sum payment.
Such payment is full payment of benefits under the Plan.

You may not receive a lump sum payment if the actuarial value of
your pension benefit is greater than $5,000.