Summary Plan Description

Ten Year Certain Benefit

At the time you retire, you can choose the Ten Year Certain Benefit and receive the payment of a lower monthly benefit for your lifetime, with the provision that if you die before receiving 120 monthly payments, the payments shall continue to your designated beneficiary until the number of payments to both you and your beneficiary total 120. If you are alive upon the payment of the 120th payment, you will continue to receive the lower monthly amount for your lifetime, and upon your death your beneficiary will receive no payments.

If your beneficiary dies while receiving the Ten Year Certain Benefit, any remaining payments will be made to your beneficiary's estate. And, if your beneficiary dies before you, and you subsequently die before receiving the 120th payment, any remaining payments will be made to your estate.

The reduction in the monthly benefit under the Ten Year Certain Benefit depends upon your age. Upon written request, the Fund Office will provide to you the actuarial reduction factor, based on your age, to calculate the Ten Year Certain Benefit. In addition, if you retire on or after April 1, 1998, the amount of the reduced amount resulting from the application of the actuarial reduction factor will be increased by 10% of the reduced benefit amount; however, the increased benefit amount can not exceed your original Straight Life Annuity Benefit.

Effective April 1, 1999, the Trustees implemented changes to the calculation of the reduction applied to the Ten Year Certain Benefit. Click here for the details of changes to the calculation of the reduction.

You may designate as your beneficiary your spouse, or any one person, or your estate. If you choose your spouse as your beneficiary, your spouse must then waive, in writing, the receipt of the Qualified Joint and Survivor Benefit before being named as the beneficiary. If you choose some other person, or your estate, as your beneficiary, and you are married at the date of retirement, then your spouse must waive, in writing, the election of any benefits from the Plan. The designation of the beneficiary may be changed at any time; however, if you were married at the time you retired, and your spouse waived the right to the Qualified Joint and Survivor Benefit and was designated as the beneficiary, or your spouse agreed to the designation of some other person as the beneficiary, your spouse will be required to agree, in writing, to any change of the beneficiary. A beneficiary change form is available from the Fund Office.

Back To Summary Plan Description Table of Contents