20 \\ Optional Forms of Payment the full monthly amount that would have been payable if the 50% Joint and Survivor Pension had not been in effect. STANDARD FORM OF PAYMENT FOR SINGLE PARTICI- PANTS: SINGLE LIFE ANNUITY The standard form of payment for single participants is a single life annuity (with guaranteed payments to Grandfathered Participants and participants covered under the Default Schedule). This form provides you with equal monthly pension benefits for your lifetime. There is no reduction to your benefit to provide this form of pension payment. Your pension payments will stop once you die, and no benefit will go to any surviving beneficiary unless you are a Grandfathered Partici- pant or covered by the Default Schedule, you elected the 60 Certain Payments and you die before you receive 60 monthly payments, in which case the balance of the 60 monthly payments (if you are a Grandfathered Participant) or the balance of the 60 monthly pay- ments attributable to the portion of your benefit that you earned before your RP Schedule Effective Date (if you are covered by the Default Schedule) will be paid to your designated beneficiary. If you are a Grandfathered Participant or are covered by the Default Schedule, you may designate your beneficiary or beneficiaries on your pension application at the time you apply for pension benefits and the following additional rules will apply: › If your designated primary beneficiary or beneficiaries are not living at the time payments are to be made, payments will continue to your designated successor beneficiary or beneficiaries. › If you are unmarried and you have not named a beneficia- ry, or if your last surviving beneficiary has either already died or dies before all of the remaining payments have been made, the remaining payments will be made to the persons listed below, in the order and manner listed: › To your surviving children, divided equally › If no surviving children, to your surviving parents, divided equally › If no surviving children or parents, to your surviving siblings, divided equally If none of these persons are living, the remaining monthly payments will be made to the estate of the last surviving beneficiary, or if none, to your estate. OPTIONAL FORMS OF PAYMENT Whether you are single or married, you may choose not to receive your benefit in the standard form that applies to you. If you are married, and your spouse agrees, you can choose to re- ceive your benefit in the following optional forms: › 75% Joint and Survivor Pension › 100% Joint and Survivor Pension › 120 Certain Payments › Single Life Annuity or 60 Certain Payments (Grandfathered Participants only: see Table Twelve) If you are single, you can choose to receive your benefit in the follow- ing optional form: › 120 Certain Payments All standard and optional forms of payment are for the participants’ lifetimes. In the case of the 50%, 75% and 100% Joint and Survivor options, these benefits are payable to your spouse for his or her life- time in the event of your death. 75% JOINT AND SURVIVOR PENSION The 75% Joint and Survivor Pension provides you with a reduced pension during your lifetime. When you die, your surviving spouse continues to receive 75% of the benefit you were receiving for the rest of his or her lifetime, even if you are divorced after the effective date of your pension. Amount of Reduction Like the 50% Joint and Survivor Pension, the reduction of your ben- efit under the 75% Joint and Survivor Pension depends upon the difference between your age and your spouse’s age and whether you are covered under the Preferred Schedule or the Default Schedule. See Table Eight on pages 57 and 58 for a list of reduction percentag- es based on the age difference between the participant and spouse. If Your Spouse Dies Before You (Preferred Schedule and Grandfathered Participants) If you are covered by the Preferred Schedule or are a Grandfathered Participant and your spouse dies before you, and you have at least 600 hours of service in 1993 or later, the monthly amount payable to you will be increased as of the first of the month following the death of your spouse to the full monthly amount that would have been payable if the 75% Joint and Survivor Pension had not been in effect. 100% JOINT AND SURVIVOR PENSION The 100% Joint and Survivor Pension provides you with a reduced pension during your lifetime. When you die, your surviving spouse continues to receive 100% of the benefit you were receiving for the rest of his or her lifetime, even if you are divorced after the effective date of your pension.