The automatic form of payment of retirement benefits shall be a single life annuity with 120 months certain, unless a participant elects to receive his benefits in some other form as provided in this Article
XVII by giving written notice to the employer at least 30 days prior to his actual retirement date or other date on which payments will commence. The normal form of benefit distribution provides monthly benefits during the participant's life with the provision that if the participant dies prior to receiving 120 monthly payments, monthly payments in the same amount shall be continued to the participant's beneficiary until a total of 120 payments have been made. The optional forms of benefit payment are as follows:
A. Joint and survivor annuity option. A participant may
elect to have reduced monthly benefits payable during his life, with
the provision that upon the participant's death, payments shall be
continued to the participant's beneficiary throughout the remainder
of the beneficiary's lifetime. The monthly benefit to the beneficiary
shall be equal to either 50% or 100% of the monthly benefit payable
to the participant, depending upon the percentage elected by the participant.
If a participant commences receiving reduced benefits in this form
and the beneficiary predeceases the participant, then the participant's
benefits shall be continued in the same monthly amount, and no other
payments shall be made to any other person subsequent to the participant's
death.
B. Any optional form of payment provided in accordance
with this section shall be the actuarial equivalent of a single life
annuity, with 120 months certain.
To avoid any duplication of benefits, if any
participant ceases to be employed for any reason and is reemployed,
any benefit payments then being paid pursuant to the terms of this
plan shall be suspended, and future retirement benefits shall be coordinated
in such a manner as to preclude any duplication hereunder.