D. Other Benefit Options for Single Participants and for Married Participants Exercising Spousal Waiver

Benefits under the Plan provide monthly income for as long as you live. Under some benefit options your benefits may continue to be paid to your beneficiary after your death. The pension you have earned - either the full benefit or the reduced Early Retirement Pension - will be reduced from the amount that would be paid under a Single Life Annuity if you choose one of the other forms of payment listed below. The reductions are actuarially based on the average life expectancy of both the Participant and beneficiary.

You must choose one of the following benefit options available under the Plan. You will be asked for proof of age for yourself, your Spouse, or other beneficiary, as well as other documentation such as your social security number, and proof of marriage and any divorce.

1. Single Life Annuity. You, as either a single Participant or married Participant with spousal consent, may choose a Single Life Annuity payable for your lifetime.


2. Joint and 50%, 66.7%, and 100% Survivor Annuity. You may select a 50%, 66.7%, or 100% Joint and Survivor Annuity form of benefit provided that you designate your beneficiary at least one year prior to your retirement commencement date. Your pension is actuarially reduced in order to provide continuation of benefits for your beneficiary. The higher the survivor benefit the greater your pension is reduced.


3. Joint and Survivor Pop-Up Option. At the time of your retirement, you may select the same Pop-Up options described in Subsection B.4.d. above that are available to married Participants. Under a Pop-Up option, if your beneficiary predeceases you, your benefit will revert to the Single Life Annuity that you would have received had you not chosen a Joint and Survivor Annuity, effective on the first of the month following the date that your beneficiary dies.
   
   Selecting your Benefit Option
   The following sample Pension Benefit Election Form illustrates how the various benefit options are presented to Participants at the time they retire. This example assumes the Participant, age 60 with a spouse also age 60, is retiring on an Early Retirement Pension.