A.
Joint and survivor option.
(1)
A member may elect to receive a reduced annual retirement benefit payable monthly during his lifetime after his retirement, with payments to continue after his death at the same amount or such reduced amount to a joint annuitant designated by the participant and terminating with the first day of the month coinciding with or next preceding the date of the death of the joint annuitant. The reduced annual retirement benefit for the member and the joint annuitant shall be the actuarial equivalent of the member's standard retirement benefit computed pursuant to Article V hereof.
(2)
If a member who elected this option dies after his normal retirement date but prior to his deferred retirement date, the retirement benefit payable to his joint annuitant under this option shall be in an amount determined as if the member having elected this option had retired on the day before his death and payments shall commence on the first day of the month coincident with or next following the date of death of the member.
(3)
If a joint annuitant designated under this option dies after the member's normal retirement date but prior to his deferred retirement date, the member shall receive, commencing upon retirement, the retirement benefit he would have received under this option if his joint annuitant were alive at his actual retirement.
B.
Ten years' certain and continuous option. A member may elect to receive a reduced annual retirement benefit which shall be payable monthly during his lifetime after his retirement pursuant to the plan and continuing to the first day of the month in which the member's death occurs; provided, however, that such payments shall be made to the member or his beneficiary for 10 years certain. The reduced annual retirement benefit shall be the actuarial equivalent of the member's standard retirement benefit computed pursuant to Article V hereof.
C.
Death benefit.
[Added 1-22-1991 STM]
(1)
Upon the death of a married participant who has attained age 55 and completed 15 years of credited service, a death benefit shall be paid to his spouse. The death benefit payable shall be a joint and survivor option payable to the participant's spouse for life as if the participant had retired on the first day of the month in which he died with the benefit provided in Article V reduced for early retirement and had elected the joint and survivor option under Article VI.
(2)
Upon the death of an unmarried participant who has attained age 55 and completed 15 years of credited service, a death benefit shall be paid to his designated beneficiary in an amount determined as if the participant retired on the first day of the month in which he died with the benefit provided in Article V reduced for early retirement and had elected the ten-year option under Article VI.
D.
Lump sum option. Effective December 1, 2020, the actuarial equivalent factors used to calculate a lump sum are based on the applicable interest rate and the applicable mortality table, as defined below.
[Added 3-3-2016 STM; amended 11-30-2020 STM]
(1)
"Applicable interest rate" means the adjusted first, second, and third segment rates described in Code § 417(e), determined as of the look-back month, which shall be the second calendar month preceding the stability period, which is the plan year during which the annuity starting date occurs. For this purpose, the segment rates are the spot segment rates that would be determined for the applicable month under Code § 430(h)(2)(C) without the twenty-four-month averaging under Code § 430(h)(2)(D), and determined without regard to the adjustment for the twenty-five-year average segment rates provided in Code § 430(h)(2)(C)(iv).
(2)
"Applicable mortality table" means the Code § 417 applicable mortality table, which is the mortality table specified for the calendar year in which the stability period specified for the applicable interest rate begins. The applicable mortality tables are set forth in Regulation § 1.430(h)(3)-1 and IRS Notice 2008-85, 2008-42 I.R.B. 905 and any superseding guidance.