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Annuity Plan

 
Getting Married

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A Participant who is married on his Annuity Starting Date shall receive his Accumulated Share in the form of a qualified joint and survivor annuity unless the Participant has filed with the Board, in writing, a timely rejection of that form of annuity subject to all of the conditions of this Subsection b. No rejection shall be effective unless the Spouse of the Participant has consented in writing to such rejection, such election designates a beneficiary (or form of payments) which may not be changed without spousal consent (or the consent of the Spouse expressly permits designations by the Participant without any requirement of further consent by the Spouse) and the Spouse’s consent acknowledges the effect of such election and is witnessed by a notary public. No consent shall be required if it has been established to the satisfaction of the Board of Trustees that there is no Spouse or the Spouse cannot be located, or if such consent cannot be obtained for extenuating circumstances.

The Board will provide to the Participant, no less than 30 days and no more than 90 days before the Annuity Starting Date, a written explanation of the terms and conditions of the qualified joint and survivor annuity, the Participant’s right to make, and the effect of, a rejection of the annuity, the rights of his legal spouse, and the right of the Participant to revoke the rejection and the effect of that revocation. The Participant (with any applicable spousal consent) may waive the requirement that the written explanation be provided at least 30 days before the Annuity Starting Date if the Participant’s pension commences more than 7 days after the written explanation is provided.

A Participant or his Spouse may reject the qualified joint and survivor form of annuity or revoke any previous rejection, not more than 90 days nor less than 30 days before the Annuity Starting Date, and any number of times within the applicable election period. However, the election period shall end on the 30th day after the date on which the written explanation is provided, if the written explanation is provided after the Annuity Starting Date.

Qualified Joint and Survivor Annuity: A qualified joint and survivor annuity shall be the actuarial equivalent of a single life annuity payable for the life of the Participant with a survivor annuity continuing for the life of the Spouse which shall be at least one-half of the amount of the annuity payable during the joint lives of the Participant and his Spouse.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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