FOR AFOR A SEARCHINGSEARCHING FOR A LIGHTHOU LIGHTHOUSESE SEARCHING LIGHTHOUSE BEYOND pass away, your spouse continues to receive 50% decisions when you retire. Keeping your infor- RETIREMENT: of that reduced bene昀椀t. Or you can elect a higher mation up to date with the Bene昀椀t Funds Of- bene昀椀t payment for your surviving spouse, such 昀椀ce, and your 昀椀nancial documents organized, BENEFITS FOR as a 75% or 100% Joint and Survivor Annuity which and readily available to those who will act on YOUR SURVIVORS work the same as a 50% Joint and Survivor annui- your behalf after your passing can ease your ty, but your bene昀椀t payment is reduced by a great- transition into retirement and beyond. er amount to provide a higher survivor bene昀椀t to your spouse. If you pass away after April 16, 2019, Discussing the 昀椀nancial security of your loved and prior to starting to receive your bene昀椀t, your ones after you pass away can be dif昀椀cult and quali昀椀ed spouse will receive the 100% Joint and complicated. The IAM National Pension Fund has Survivor Annuity. For participants who are not SPOTLIGHT: both standard and optional bene昀椀t payment op- married, depending on the option you elect and Remember your tions to choose from when you are ready to retire when you retire, there may be a bene昀椀t payable to account and bene昀椀ciary which provide continued 昀椀nancial support for your bene昀椀ciary after you pass away. Regardless information is maintained your loved ones after you pass away. The bene昀椀t separately, and must be of your marital status, you should immediately updated separately, for payment options available to you, your survivors, notify the Bene昀椀t Funds Of昀椀ce of any life events, each of the Funds. and bene昀椀ciaries vary based on factors such as such as a change of address, marriage, or divorce. your marital status, whether you were retired and receiving a bene昀椀t from the Pension Fund at the You may not be allowed to change your bene- time of your death, as well as other factors. For 昀椀t payment elections after retirement, so con- example, married participants typically receive a sidering the options available to you with your 50% Joint and Survivor annuity which pays a re- survivors, bene昀椀ciaries, and 昀椀nancial or legal duced monthly bene昀椀t to you so that when you advisor in advance can help you make informed 10 JOURNEY TO RETIREMENT OCTOBER 2022