Following is a summary of the various benefit option BTUPTF offers. Please note that not all options are available to everyone. Your individual eligibility for each option depends on your record of service with BTUPTF. When you apply for benefits, you will be presented with the options for which you qualify.

Lifetime Only Option

Under this method, you are paid the highest benefit available based on your service credits. The benefit is paid monthly until your death (your lifetime).

No monthly benefits are payable to any survivors if this method is chosen.

Automatic 66 ⅔% Joint and Survivor Option

Under this method, the highest benefit available to you is reduced.  The reduced monthly benefit is paid to you for as long as you live, and after your death, two-thirds of your monthly benefit will be paid to your surviving spouse each month for his or her lifetime.  Your monthly benefit is reduced so that the total value of your benefit can be paid out over more than one lifetime.  Once you and your spouse have died, no further monthly benefits are available.

75% Joint and Survivor Option

Under this method, the highest benefit available to you is reduced. The reduced monthly benefit is paid to you for as long as you live, and after your death, 75% of your monthly benefit will be paid to your surviving spouse each month for his or her lifetime.  Your monthly benefit is reduced so that the total value of your benefit can be paid out over more than one lifetime.   After you and your spouse have died, no further benefits are payable.

Pop-Up Joint and Survivor Option

Under this method, the highest benefit available to you is reduced.  The reduced monthly benefit is paid to you for as long as you live, and after your death, two-thirds of your monthly benefit will be paid to your surviving spouse each month for his or her lifetime.  However, if your spouse dies before you, your monthly benefit will increase (‘pop-up’) to an amount equal to the Lifetime Only option beginning the month following your spouse’s death.

Non-Spouse Survivor Option

Under this method, the highest benefit available to you is reduced.  The reduced monthly benefit is paid to you for as long as you live, and after your death, two-thirds of that reduced amount continues to be paid to your beneficiary(ies) for his or her lifetime.  Your monthly benefit is reduced so that the total value of your benefit can be paid out over more than one lifetime.

Life Annuity with Ten Year Certain Option

Under this method, the highest benefit available to you is reduced.  The reduced monthly benefit is paid for your lifetime or 120 months (10 years) – whichever is the longer period.  If you die within 10 years of the start of benefits, the remaining guaranteed benefit is paid to your designated beneficiary.  If you die after 120 months of payments, no further benefits are payable.

You may name anyone you wish as your beneficiary for this option, but it must be in writing on a form provided by the Trustees.  If you are married, your beneficiary designation must be approved by your spouse.

Level Income Option

This option is available only if Early Retirement Benefits begin before your 62nd birthday, which is the date you are first eligible for Social Security benefits.  Under this option, the Plan pays you a larger benefit from the time you retire early until you reach age 62.  A smaller benefit is paid to you after you are age 62.  In this way, your combined income from the Plan and from your Social Security benefit (not counting family benefits from Social Security) stays approximately level throughout your retirement.

Lump Sum Option

If the present lump sum value of your monthly benefit is $5,000 or less when you apply for benefits, your benefit will automatically be paid in the form of a lump sum benefit.  

If the present value of your monthly benefit is greater than $5,000 but no more than $20,000 when expressed as a lump sum amount, you may elect to receive the benefit as a one-time lump sum payment.