Service Employees 32BJ North Pension Fund

North Pension Fund Summary Plan Description (SPD) >> Payment Forms

• A. Single Life Annuity
• B. 50% Joint and Survivor Annuity
• C. Lump-Sum Cashout          ALERT: 06/10/10 NEW Click here for important benefit changes>>

A. Single Life Annuity

If you do not have a Spouse on your Pension Start Date, you will receive a monthly benefit for your life upon your Retirement. Your benefit will terminate upon your death.

B. 50% Joint and Survivor Annuity

If you have a Spouse on your Pension Start Date, your benefits will automatically be paid in the form of a 50% Joint and Survivor Annuity. Under this benefit form, you will receive monthly payments for your lifetime and one-half of the monthly amount that you receive will be paid to your Surviving Spouse upon your death for the remainder of your Spouse’s life. The amount of your monthly benefit that would be paid under a Single Life Annuity is reduced based on your age and the age of your Spouse in order to provide these benefits to you both.

When you apply for a pension, you will be notified of the estimated amount of your monthly pension payment as both a 50% Joint and Survivor Annuity and Single Life Annuity. If you and your Spouse do not want your pension to be paid as a Joint and Survivor Annuity, you and your Spouse must reject this form of payment by timely completing a special election and consent form with your benefit application and filing it with the Fund. Your Spouse’s rejection must be in writing and notarized. If you establish to the satisfaction of the Trustees that your Spouse’s consent cannot be obtained because you have no Spouse, or your Spouse cannot be located, then spousal consent is not required.

You may revoke a prior waiver of the 50% Joint and Survivor Annuity without the consent of your Spouse at any time during the 90-day period prior to your Pension Start Date by notifying the Fund Office of such revocation in writing and acknowledging its effect. This means that you will receive your benefit as a 50% Joint and Survivor Annuity.

You may not change your form of benefit once benefit payments begin.

The Fund Office will notify you of the terms and conditions of the 50% Joint and Survivor Annuity to allow 30 days to consider your choices before your Pension Start Date, but you may waive this 30-day requirement and receive your pension sooner as long as you receive an explanation at least 7 days before your pension begins.

C. Lump-Sum Cashout

         ALERT: 06/10/10 NEW Click here for important benefit changes>>

Notwithstanding any other provision of this SPD, effective March 1, 2008, if you apply for benefits and the present value of your benefit as of your Pension Start Date is $5,000 or less, the Fund will pay your benefit as a single lump-sum payment.