Single Life Annuity Option
A participant may elect to receive the maximum election of a single life annuity benefit that is only payable to the participant for their lifetime; no lifetime benefit is payable to a beneficiary.
You will receive a monthly pension for your lifetime. Upon your death, no survivor benefits are payable.
Period Certain and Continuous Option
A Participant may elect to receive a decreased retirement benefit during his lifetime, and in the event of his death subsequent to retirement but before either sixty, one hundred twenty, one hundred eighty, or two hundred forty monthly retirement benefit payments.
Joint and Survivor Annuity Option
A Participant may elect to receive a decreased retirement benefit during his lifetime and have such decreased retirement benefit (or one-half, two-thirds or three-quarters thereof) continue after his death to his designated Beneficiary, during the lifetime of the Beneficiary. If the designated Beneficiary is not living at the death of the Participant, no additional benefits shall be payable on behalf of the Participant.
Lump Sum Option
Effective for distributions payable on or after March 28, 2005, if the Actuarial Equivalent of a terminated or retiring Participant's vested benefit payable as a Single Life Annuity commencing at his Normal Retirement date exceeds $1,000 but does not exceed $5,000, the Participant may elect to receive such benefit in a single lump sum cash payment.
Automatic Payment Form for Married Participants
Married participants automatically receive the Qualified 50% Joint and Survivor Annuity (or Qualified Joint and Survivor Annuity) based on the Howard University Employees’ Retirement Plan (the “Plan”), unless you elect to receive an optional form of payment. Spousal consent within the 90-day period prior to the date of your first benefit check, witnessed by a Notary Public, is required if Qualified 50% Joint and Survivor Annuity or another Qualified Joint and Survivor Annuity with your spouse as beneficiary is not elected. Spousal consent is also required if you designate a beneficiary who is not your spouse; spousal consent is irrevocable.
Qualified 50% Joint and Survivor Annuity provides you with a monthly retirement payment for your lifetime and upon your death your surviving spouse will receive a retirement payment for their lifetime equal to 50% of the amount of the monthly benefit that you were receiving.