Page 12 - Hess Pension 2017

Understand Your Payment Options
you can choose among pension payment options to meet your personal retirement needs. Payment options are grouped into “normal” and “optional” forms. you can choose to receive your bene t on the rst day of any month after your termination of employment.
Think about the normal form as the default based on your marital status when you leave or retire (unless you choose an optional form of payment).
if you are single when you leave or retire, you can choose any form of payment. if you are married and want to choose an optional form of payment, your spouse must agree in writing.
After reviewing your payment options, be sure to go online and estimate what your account balance or monthly payments will be. consider your decision carefully because you cannot change the form of payment after payments begin.
10 UndERSTAnd yoUR PAymEnT oPTionS
WHICH PAYMENT OPTION MAKES SENSE FOR ME?
When it’s time to retire, you’ll decide which payment option works best for your situation. Here’s a simpli ed explanation of your payment options:
■ Single Life Annuity — Just you, for the rest of your life
■ 50%, 662⁄3%, 75% or 100% Joint and Survivor Annuity — you and your spouse (or designated bene ciary) for the rest of your lives
■ Life Pension Period Certain Option
(Five or 10 years) — Payments guaranteed for a speci ed number of years