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 benefit. Or you can elect a higher mation up to date with the Benefit Funds Of- benefit payment for your surviving spouse, such fice, and your financial 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 benefit payment is reduced by a great- transition into retirement and beyond. er amount to provide a higher survivor benefit to your spouse. If you pass away after April 16, 2019, Discussing the financial security of your loved and prior to starting to receive your benefit, your ones after you pass away can be difficult and qualified 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 benefit 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 benefit payable to account and beneficiary which provide continued financial support for your beneficiary after you pass away. Regardless information is maintained your loved ones after you pass away. The benefit separately, and must be of your marital status, you should immediately updated separately, for payment options available to you, your survivors, notify the Benefit Funds Office of any life events, each of the Funds. and beneficiaries 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 benefit 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 fit 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, beneficiaries, and financial or legal duced monthly benefit to you so that when you advisor in advance can help you make informed 10 JOURNEY TO RETIREMENT OCTOBER 2022