Choosing Your Beneficiary

 Choosing your beneficiary—the person or persons your pension benefits will go to in the event of your death—is one of the most serious decisions you will make when you retire. Your Fund Pension Counselors are on hand to explain your options and help you make your retirement choices.

To schedule an appointment, email us at pension@1199Funds.org or contact the Pension Department at (646) 473-8666.

Beneficiary Choices

As a retiree, you will need to choose one of the options below for receiving your pension, depending on how much money you want in your monthly pension check and whether or not you want to provide for your spouse or another beneficiary after you die.

You may want to receive more money in your monthly check and have your benefits end when you pass away. Or, if you want to provide for your spouse or another loved one, you may choose a lower monthly payment so that benefits can continue after your death.

For more information or to set up an appointment with a Pension Counselor, email us at pension@1199Funds.org or call (646) 473-8666.

Option A: Straight Life With No Survivor Benefit

This option means that you will receive a monthly pension payment until your death, and that no payments will be made to your spouse or any other beneficiary after your death.

This option will give you the highest monthly payment, but will not provide benefits for anyone after your death.

However, if you choose this option and you are married, you must submit a Spousal Waiver Agreement to the Pension Department. The Spousal Waiver Agreement informs the Pension Department that your spouse is aware that he or she is eligible to receive pension benefits after your death and has waived his or her rights. The form represents the written and notarized consent of your spouse to waive this right to receive pension benefits after your death.

Option B: Joint & Full (100%) Survivor Option

This option means that you will receive a monthly pension payment until your death, and after that your spouse or beneficiary will receive the same monthly payment you did until his or her death.

This option will give you the lowest monthly payment, but will provide for your spouse or beneficiary for the rest of his or her life.

If you choose this option and your beneficiary is not your spouse, you must submit a Spousal Waiver Agreement to the Pension Department. The Spousal Waiver Agreement informs the Pension Department that your spouse is aware that he or she will not receive pension benefits upon your death. The form represents the written and notarized consent of your spouse to waive this right.

Please note: If you choose the Joint & Full Survivor (100%) option, your pension payment will be distributed over two lifetimes: your own until you die, and that of your beneficiary until he or she dies. The IRS does not allow you to select a beneficiary other than your spouse with a 10-year or greater age difference because of the length of the continued benefit after your death.

Option C: Joint & One-Half (50%) Survivor Option
This option means that you will receive a monthly pension payment until your death, and after that your spouse or beneficiary will receive a monthly pension payment that is one-half of the amount you received each month.

If you choose this option and your beneficiary is not your spouse, you must submit a Spousal Waiver Agreement to the Pension Department. The Spousal Waiver Agreement informs the Pension Department that your spouse is aware that he or she will not receive pension benefits upon your death. The form represents the written and notarized consent of your spouse to waive this right.

Option D: Lifetime Pension With 120 Payments Guaranteed
This option means that you will receive monthly pension payments until your death. If you have not received 120 payments by the time of your death, your spouse or beneficiary will receive the remaining monthly payments. The amount of your monthly pension check will be divided among your beneficiaries if there is more than one. If you receive 120 monthly payments before you die, no more payments will be made to your beneficiaries after your death.

Option E: Lifetime Pension With 60 Payments Guaranteed
This option means that you will receive monthly pension payments until your death. If you have not received 60 payments by the time of your death, your spouse or beneficiary will receive the remaining monthly pension payments. The amount of your monthly pension check will be divided among your beneficiaries if there is more than one. If you received 60 monthly payments, no more payments will be made to your beneficiaries after your death.