Description of Retirement Options

Straight Life Annuity Option:

Benefit payments are made to you during your lifetime with the provision that, if you die before the total of your contributions and interest have been paid to you, the remainder will be paid to your designated beneficiary as a lump-sum death benefit.  If no beneficiary is living, the remainder will be paid to your estate.

Ten-Year Certain and Life Income Option:

Benefit payments are made to you during your lifetime with the provision that, if you die before a total of 120 monthly payments have been made to you, the value of the remaining number of payments will be paid to your designated beneficiary.  If no beneficiary is living, the balance of the 120 payments will be paid in a single lump sum to your estate.

Contingent Annuitant Option:

Payments are made to you during your lifetime with the provision that, upon your death, your designated Contingent Annuitant will receive an amount equal to 100%, 66 2/3%, or 50% of the amount previously payable to you for the remainder of his/her lifetime.  If your designated Contingent Annuitant dies before you, your benefit “pops-up” to the amount you would have received had you not elected this option.