Before your pension payments begin, you may choose one of the following optional forms of payment in lieu of the normal form of income:

Normal:                        You will receive a monthly income payable for your lifetime, and if your spouse survives you, he or she will receive 2/3 of that monthly income until his or her death or remarriage.  This option is available only to married participants.

Option Settlement 1:      You will receive a monthly income payable for your lifetime, and if you die before  you  have  received  at  least  the  amount  of  your  contributions,  the balance of your contributions will  be  paid  to  your  beneficiary  or  your  estate.  This option is available only to         single participants.

Option Settlement 2:      You will receive a monthly income payable for your lifetime, and if your spouse survives you, he or she will receive 100% of that monthly income until his or her death or remarriage.  This option is available only to married participants.

Option Settlement 3:      You will receive a monthly income payable for your lifetime, and if your spouse survives you, he or she will receive 50% of that monthly income until his or her death or remarriage.  This option is available only to married participants.

Option Settlement 4:      You will receive a monthly income payable for your lifetime.  This option is available only to married employees, and requires written consent of the participants spouse.

Employees who choose deferred retirement must make an election regarding the optional settlements for survivor’s benefits at the time they apply for retirement.

Please note that you may not change the option you elected once your application for retirement has been approved by the Board.

Also note that these options change the death benefit available to your spouse after retirement.  However, they do not change the benefit available to your unmarried minor children, if any.