Qualified Joint
and Survivor Annuity and 50% Joint and Survivor Option
If payment of a Retirement Payment is to be made in the form of a Qualified
Joint and Survivor benefit, or in the form of a 50% Joint and Survivor Annuity,
the Retirement Payment amount shall be adjusted by multiplying said benefit
by the following percentage: 88 percent minus .3 percentage points for each
full year that the beneficiary's age is less than the Participant's age or plus
.3 percentage points for each full year that the beneficiary's age is greater
than the Participant's age; provided, however, that the resulting percentage
shall not be greater than 99 percent.
100% Joint
and Survivor Option
If payment of a Retirement Payment is to be made in the form of a 100% Joint
and Survivor benefit, the Retirement Payment amount shall be adjusted by multiplying
it by the following percentage: 79 percent minus .5 percentage points for each
full year that the beneficiary's age is less than the Participant's age or plus
.5 percentage points for each full year that the beneficiary's age is greater
than the Participant's age; provided, however, that the resulting percentage
shall not be greater than 99 percent.
66 2/3% Joint
and Survivor Option
If payment of a Retirement Payment is to be made in the form of a 66 2/3% Joint
and Survivor benefit, the Retirement Payment amount shall be adjusted by multiplying
it by the following percentage: 85 percent minus .4 percentage points for each
full year that the beneficiary's age is less than the Participant's age or plus
.4 percentage points for each full year that the beneficiary's age is greater
than the Participant's age; provided, however, that the resulting percentage
shall not be greater than 99 percent.
120 Month Certain
Option
If payment of a Retirement Payment is to be made in the form of a 120 Month
Certain benefit, the Retirement Payment amount shall be adjusted by multiplying
it by the following percentage: 91 percent plus .6 percentage points for each
full year the Participant is below age 65 or minus 1.2 percentage points for
each full year that the Participant is greater than age 65; provided, however,
that the resulting percentage shall not be greater than 99 percent.
Social Security
Level Income Option
If payment of a Retirement Payment is to be made in the form of a Social Security
Level Income Benefit, then the following Actuarial Equivalent factors shall
be applied:
Increase the monthly Retirement Payment until age 62 (or 65) by the following amount for each $10 by which the increased Retirement Payment is reduced thereafter:
Age
Increased Pension
|
Age
Reduced Pension Effective
|
|
Effective
|
Age
62
|
Age
65
|
50
|
$3.19
|
$2.29
|
51
|
3.48
|
2.49
|
52
|
3.80
|
2.72
|
53
|
4.16
|
2.98
|
54
|
4.55
|
3.26
|
55
|
4.99
|
3.57
|
56
|
5.48
|
3.92
|
57
|
6.03
|
4.32
|
58
|
6.64
|
4.76
|
59
|
7.33
|
5.25
|
60
|
8.11
|
5.81
|
61
|
9.00
|
6.44
|
62
|
10.00
|
7.16
|
63
|
---
|
7.98
|
64
|
---
|
8.92
|
65
|
---
|
10.00
|