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Overview of Forms of Payment
Updated On: Jun 08, 2010
 
 
Automatic Forms of Payment
Unless you elect a different form of payment, the Plan provides for the following "automatic" forms of distribution:
 
Unmarried Participant:    Under the Northern Illinois Pension Plan, as an unmarried participant, your pension benefit will be paid as a Five-Year Certain and Life Annuity.  A monthly benefit will be paid for your lifetime.
 
Married Participant:    As a married participant, your retirement benefit will be paid as a Joint and 75% Survivor benefit.  A "Joint and 75% Survivor" benefit is a monthly benefit paid for your lifetime and in the event of your death, 75% will continue to your spouse.          
                    
Optional Forms of Payment
 
Five-Year Certain and Life:    This benefit is a monthly pension payable for the life of the retired participant with a guarantee of 60 monthly payments.  If the participant dies before the minimum number of payments are made, monthly payments shall continue to his/her beneficiary until the total payments made to the participant and his/her beneficiary equal the guaranteed minimum number of payments.
 
Joint and Survivor Annuity:    A reduced monthly pension for the life of the Participant with a Survivor benefit for the life of the survivor, equal to 50%, 75% or 100% of the amount payable during the life of the participant.  No survivor benefit shall be paid if the survivor does not survive the Participant.
 
Joint and Survivor Annuity with Pop-Up Feature:    A monthly pension for the life of the participant with a Survivor benefit for the life of the survivor, equal to 75% or 100% of the amount payable during the life of the participant.  If the participant's spouse predeceases the participant, the monthly benefit payable to the participant will increase to the benefit amount before the adjustment for the survivor benefit.

December 18, 2018
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