What is the Ten-Year Certain and Life Option?
Under the Ten-Year Certain and Life Option you will receive a reduced monthly pension so that if you die before you have received 120 monthly payments, your monthly payments will be continued to your spouse, or, if none, to your dependent child or children, in equal shares, or, if none, to your estate until a total of 120 payments have been made. If you want your pension paid in the Ten-Year Certain and Life form, you must make an election at least one year before retirement and, in addition, at retirement you must reject (with your spouses consent) the Qualified Joint and 50% Survivor Pension. The amount of the Ten-Year Certain and Life Option will be the amount of the Regular or Early Retirement Pension for which you are eligible at retirement reduced by an actuarial factor related to your age. The factor for retirements will be calculated as 91% plus 0.6% for each full year that the retiree is younger than age 65, or minus 1.2% for each full year the retiree is older than age 65. Fo
