Payment Options
| There are automatic forms of payment for married and single participants. You are not required to elect the automatic form of payment based on your marital status. |
| - 50% Husband and Wife | Automatic for married participants. Spouse receives 50% of participant’s benefit after his death with no reduction in your monthly payment. |
| - 75% Husband and Wife | Optional for any married participant. Spouse receives 75% of benefit. Reduces monthly benefit because it has to cover spouse‘s expected life span at higher payment level. |
| - 100% Husband and Wife | Optional for any married participant. If your spouse outlives you she gets 100% of benefit. Reduces monthly benefit because it has to cover spouse‘s expected life span at higher payment level. |
| - 60 Certain Payments | Automatic for unmarried participants (married participants may jointly elect). Lifetime monthly income. If a participant dies before 5 years of monthly payments, the beneficiary will receive payments for the remainder of the five-year (60-month) period with no reduction in your monthly payment. |
| - 120 Certain Payments | Optional for any participant. A reduced monthly benefit payable for your lifetime. If participant dies before 10 years of monthly payments, the beneficiary will receive payments for the remainder of the 10-year (120-month) period. |
| - Lump-Sum Readjustment Allowance (LSRA) | Optional for any participant. One-time, lump-sum payment, up to a $5,000 maximum, resulting in a reduced monthly payment. |
| - One-time Lump-Sum Payment | Automatic for any participant with a benefit that has a present value of $5,000 or less. |
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| Surviving Spouse/Beneficiary Benefits | The Plan provides benefits for your surviving spouse or designated beneficiary in the event of your death. Different benefits are payable based on whether death occurs before or after retirement. The Fund Office can help your beneficiary through the process of applying for benefits and answering any questions about survivor benefits. They should call the Fund Office at 800-342-3792 or 781-272-1000. |
Copyright © 2006 Massachusetts Laborers' Benefit Funds
