Under this Option, there is no provision for continuing payment to a surviving spouse. At the death of the pensioner, their named beneficiary is entitled only to the death payment.
Option 2 - 100% Joint Life Annuity
Under 100% Joint Life, the member chooses to receive a reduced benefit to provide for their spouse. The surviving spouse will receive an equal amount upon eligibility.
Option 3 - 50% Joint Life Annuity
Under 50% Joint Life, the member chooses to receive a reduced benefit to provide for their spouse. Upon eligibility, the spouse will receive half of the member's amount.
Options 2, and 3 are actuarially equal to Option 1. The Fund uses the ages of both the member and their spouse for this calculation. Under these options, the Fund will pay the member and the surviving spouse for the entirety of their life. If the spouse predeceases the member or if there is a complete divorce, the retiree may revert to Option 1.
For Option 2 and 3, the Fund requires documentation of the spouse's birth and marriage.