What are the pension options?
Forms of Pension Payment
The Plan provides several forms of pension benefit payment. When you apply for a pension, you will be advised of the amount of payment under each form of pension available to you. You will then be required to select the form of payment you desire.
IMPORTANT: Once you have started to receive pension benefits, you cannot change from one form of pension payment to another, even if additional earnings are received on your behalf, your marital status changes or if your spouse/contingent annuitant dies before you. There are limited exceptions to this rule for a Disability Pensioner who recovers from their disability and returns to work or for an Early Retirement Pensioner who converts their Early Retirement Pension to a Disability Pension.
What is the difference between a Co-Annuitant and Beneficiary?
A Beneficiary is only designated for pre-retirement death benefits or when a participant begins their pension and elects a Five- or Ten-Year Certain benefit option.
A Co-Annuitant is selected when pensioners elect a Joint & Survivor pension benefit option. Learn more.