Single Life Annuity

An annuity that only provides payments to one person. That is, payments cease when the annuitant dies. This contrasts with other annuities that make a lump sum payment to the annuitant's survivors, or continue payments to them for a certain number of years.

50% Joint & Survivor Annuity

This payment method is an annuity paid to you monthly for the rest of your life. Upon your death, your surviving spouse receives a monthly lifetime survivor benefit equal to 50% of your monthly benefit. You may not name a beneficiary other than your spouse for this Qualified Joint and Survivor Annuity. Spousal consent is not required to elect this payment method.

100% Joint & Survivor Annuity

This payment method is an annuity paid to you monthly for the rest of your life. Upon your death, your surviving spouse receives a monthly lifetime survivor benefit equal to 100% of your monthly benefit. You may not name a beneficiary other than your spouse for this Qualified Joint and Survivor Annuity. Spousal consent is not required to elect this payment method.

10-year Certain & Life Annuity

In this instance, monthly payments are paid to the annuitant for life in the event the annuitant dies, the designated beneficiary would receive any monthly payments for the remainder of the certain period - in this case, 10 years.

Lump Sum Distribution

This payment method is a one-time cash payment that represents the total or partial value of your pension benefit from a qualified pension plan. If you receive a lump sum payment of your entire benefit from the plan, you may not name a beneficiary and no further benefits will be paid from the plan.