The normal form of benefit for a married participant is the Joint and 50% Survivor Annuity which pays a lifetime benefit to you and a 50% lifetime benefit to your spouse when you die. Optionally, you can choose a form which pays the surviving spouse 100% of the benefit you were receiving. This form may require the purchase of an annuity from an insurance company at current market rates. In practice, most participants choose one of the optional forms of benefit shown below. All forms of benefit other than the normal form require the notarized consent of your spouse, if you are married.

This is the normal form of benefit if you are not married. It pays a monthly lifetime benefit.

Your entire balance is paid to you in the form of a lump sum. Note the tax consequences which may affect you if you select this form.

Your balance is paid in monthly payments for 60,120, or 180 months are made until your account balance is exhausted. You may optionally withdraw your remaining balance at any time. At age 70 1/2, the plan may be required to recalculate the monthly amount of payments.

Monthly multiples of $100 are paid until your account balance is exhausted. You may optionally withdraw your remaining balance at any time. You may optionally change the monthly payment amount for any year by making an appropriate election in that year.

These options are also available to non-married participants.

You may rollover a minimum of $10,000 into the NCEW Pension Plan plan by making a one-time election within 90 days of commencing receipt of retirement benefits from that plan. If you elect this, your retirement benefits under the NCEW Pension Plan will be increased by an amount which is actuarial calculated based on the amount you rollover.