Defined Benefit Pension Plan SPD - uphs

Suspension of BenefitsAs described above, there are certain situations in which your benefits may be suspended if you continueworking beyond your Normal Retirement Age or if you are reemployed (or return to full-time employment)after starting your benefits. If your benefit payments are suspended, your benefits will start being paid toyou again whenever you terminate employment, or return to part-time employment. Also, as describedabove, the benefit payable to you may be reduced to take into account the benefit payments that you havealready received.Forms Of Benefit PaymentUnless your benefits are very small (see the "Cash-Outs of Small Benefits" section) and are paid to you ina single sum when you retire or terminate employment, your benefits will be paid in monthly paymentsunder one of the forms described below.Automatic Forms of PaymentUnless you elect an optional form of payment, your benefit automatically will be paid to you (dependingupon your marital status) in one of the following forms:• Unmarried Participants – If you are not married when your benefit begins, your benefit will be paid toyou in a "Single Life Annuity", which provides equal monthly payments to you for your lifetime only. Atyour death, all benefits will cease and any beneficiaries you may have will receive nothing.• Married Participants – If you are married when your benefit begins, your benefit will be paid to you asa "Qualified Joint and Survivor Annuity." A Qualified Joint and Survivor Annuity provides reduced,equal monthly payments to you during your lifetime and, if your spouse lives longer than you, to yourspouse for your spouse's lifetime. The monthly benefit payable to your spouse upon your death isequal to 50%, 75%, or 100% (as you may elect) of the monthly benefit paid to you during your lifetime.The monthly payment during your lifetime is reduced to provide for payments to your spouse afteryour death. The amount of this reduction will depend upon the joint and survivor annuity percentageyou choose (for example, the 100% survivor annuity will result in a larger reduction) and the age ofyour beneficiary. Although your monthly benefit payments are reduced, this payment form has thesame actuarial value as the Single Life Annuity described above.Optional Forms of PaymentIf you are unmarried, or if you are married and your spouse consents, you may elect to receive one of theoptional forms of payment described below. All of these optional forms of payment have the sameactuarial value as the Single Life Annuity for Unmarried Participants as described above. The optionalforms of payment available under the Plan are as follows:• Non-Qualified Joint and Survivor Annuity – A "Non-Qualified Joint and Survivor Annuity" is very similarto a Qualified Joint and Survivor Annuity except that you can designate a beneficiary other than yourspouse. If you elect a Non-Qualified Joint and Survivor Annuity option, you will receive reduced, equalmonthly payments during your lifetime. Upon your death, the beneficiary designated by you(assuming your designated beneficiary is still living at the time of your death) will receive equal,monthly payments for his/her lifetime. You are free to designate any individual as your beneficiary andyou may elect whether the payments to your beneficiary will be equal to 50%, 75% or 100% of thepayments you received before your death. Keep in mind, however, that the payments you receive willbe reduced to provide for payments to your beneficiary after your death. The amount of this reductionwill depend upon the joint and survivor annuity percentage you choose (for example, the 100%survivor annuity will result in a larger reduction) and the age of your beneficiary.• Single Life Annuity – If you are married, you may elect a Single Life Annuity as described above(provided, that your spouse consents). The Single Life Annuity will provide equal, monthly paymentsto you for your life and no payments to your spouse or any other beneficiary after your death.12