Pension Payment Options

Overview | Eligibility | How the Plan Works | Benefit Calculations | Payment Options | Administrative Details

The value of your accrued benefit can be paid to you or your beneficiary in one of several ways.
Keep in mind the following when considering your payment options.

• The normal form of payment for a single individual is the Life Only Option.
• The normal form of payment for a married individual is the 50 percent Joint and Survivor Option.
• There is a mandatory lump sum distribution if your pension value is $5,000 or less.
• You may elect an optional form of payment (subject to certain restrictions).

Payment Options

Life Only Option
50 Percent Joint and Survivor Option
100 Percent Joint and Survivor Option
Elective Lump Sum Option
Former Holy Cross Only – Five Year Certain and Life Option
Ten Year Certain and Life Option

Life Only Option

This is the normal form of monthly pension payment for a single person. Payments begin the first day of the month coinciding with or following the retirement date and are continued throughout your lifetime. No benefits would be payable to any beneficiary after your death.

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50 Percent Joint and Survivor Option

The 50 percent Joint and Survivor Option is the normal form of payment for married participants in the Pension Plan. If you are married and you decide to elect another option, your spouse must provide a written, notarized consent. Payments begin the first day of the month coinciding with or following the retirement date and are continued throughout your lifetime and the life of your named survivor. With this option, your named survivor would receive 50 percent of the benefit amount you were receiving prior to your death.

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100 Percent Joint and Survivor Option

The 100 percent Joint and Survivor Option is an optional form of payment for participants in the Pension Plan. Payments begin the first day of the month coinciding with or following the retirement date and are continued throughout your lifetime and the life of your beneficiary. With this option, your beneficiary would receive a benefit amount equal to the benefit you were receiving prior to your death.

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Elective Lump Sum Option

If the lump sum value of your pension benefit is $10,000 or less, you may elect in writing to have the amount paid in a lump sum payment. If you are married, your spouse must consent to the lump sum payment in writing, and the consent must be notarized or witnessed by a Pension Plan representative.

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Former Holy Cross Only – Five Year Certain and Life Option

If you are a former Holy Cross employee, you may elect to receive a monthly income payable for your lifetime with a guarantee that if you die before receiving five years of payments, the remainder of the five years will be paid to your named beneficiary.

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Ten Year Certain and Life Option

This option provides a monthly income payable for your lifetime with a guarantee that if you die before receiving ten years of payments, the remainder of the ten years will be paid to your named beneficiary.

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