Page 72 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 70

Example: Forms of Payment
Jeff and his spouse are both 56, and Jeff retires from the Sound Plan on
October 1, 2015 with a standard reduced early retirement pension equal
to $924 per month, payable as a single life annuity. Jeff’s early retirement
pension based on his Drug Plan benefit at September 30, 2008 is $830.
The following table shows each of Jeff’s payment options, how much he would
receive under the terms of the Sound Plan and Drug Plan, and the amount he
can expect to be paid (the larger of the two calculations).
So Jeff and
His benefit under
If Jeff and his And his benefit under his spouse
the terms of the
spouse select Sound Plan would the terms of the Drug would receive
the… Plan would be… while Jeff is
be…
alive…
Single life $924.00 $830.00 $924.00
annuity
50% spouse $850.08 $771.90 $850.08
option
75%
contingent $813.12 n/a $813.12
annuity option
100%
contingent $776.16 $722.10 $776.16
annuity option

Social Security Adjustment Option

This payment option only applies to your Drug Plan benefit
earned through September 30, 2008, and only to payments with
an annuity starting date on or before January 31, 2009. Contact
the Trust Office for more information.

DEATH BENEFITS

If You are Married

As described under “If You Are Married,” beginning on page 38,
your surviving spouse will receive a death benefit equal to what
he or she would have received had you retired at the later of your
age at death or age 55 and selected the 50% spouse annuity.
One-half of your September 30, 2008 pension benefit under the
Drug Plan (reduced by the Drug Plan’s actuarial factors for the
50% spouse annuity) will serve as a minimum death benefit for
your surviving spouse.

If You are Not Married
If you die before retirement and after December 16, 2010, no
death benefits will be paid.