Summary Plan Description

Restoration Benefit

The Restoration Benefit, or what is also known as the "Pop Up" benefit, is effective if you retire on or after August 1, 1991 and you and your spouse choose the Qualified Joint and Survivor Benefit at retirement.

If you and your spouse choose the Qualified Joint and Survivor Benefit at retirement, and your spouse dies before you, your reduced monthly benefit will be increased effective the date of your spouse's death to the amount you would have received if you and your spouse had waived the Qualified Joint and Survivor Benefit.

Assume that you retire at age 60, and you are eligible to receive the monthly Normal Retirement Benefit of $1,000. Your spouse's age at your retirement date is 59. At the time of retirement you and your spouse choose the Joint and 100% Survivor Benefit and, as the result, your monthly benefit is reduced to $874.83. This amount is then paid to you for the rest of your life, and upon your death to your spouse for the rest of his or her life. Unfortunately, your spouse later dies. Under the Restoration Benefit, effective on the date of your spouse's death, your monthly benefit will be increased to $1,000 for the rest of your life.

Remember that if after your retirement your spouse predeceases you, or you are divorced from your spouse, or you marry, you may not designate another spouse to receive the Qualified Joint and Survivor Benefit.

If your spouse dies before you, you may claim benefits under the Restoration Benefit by sending to the Fund Office a certified copy of your spouse's death certificate and a letter explaining that you wish to have your monthly benefit increased under the Restoration Benefit.

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