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Forms of Pension Payment

Before you begin payments through the BB&T Corporation Pension Plan, you need to choose the form of payment for your benefit. Benefits Administration will provide you with information about the optional forms of payment available and the amount you would receive under each payment option.

Although the total value of your benefit will be the same, the amount of the payment may differ according to the payment option you choose.

Normal Forms of Payment

Unless you choose another method of payment, your benefit will be paid the following way:

  • If you are not married when your benefit payments begin, your benefit will be paid as a Life Annuity. This annuity provides you with a monthly benefit for your lifetime. Payments begin when you retire and are paid until you die.
  • If you are married when your benefit payments begin, your benefit will be paid as a Joint and 50% Survivor Annuity with a monthly benefit for your lifetime. After your death, if your spouse is living, they receive 50% of that monthly benefit during their lifetime.

If you are married, you may be able to name another beneficiary with your spouse's consent. Their consent must be in writing and witnessed by a notary public. Your spouse's consent will relate to the specific method of payment or named beneficiary, unless they waive all rights to further consent. They have the right to limit their consent to a specific method of payment or to a specific beneficiary.

Optional Forms of Payment

Optional forms of payment under the plan are:

Life Annuity

This annuity provides you with a monthly benefit for your lifetime. No benefits are provided after your death. Payments begin when you retire and are paid until your death.

10 Years Certain and Life Annuity

This annuity provides a monthly payment to you for 10 years (120 months) and then each month after that for the remainder of your life. If you die within 10 years of payments beginning, payments will continue to your named beneficiary until the end of the 10-year period.

Joint and 100% Survivor Annuity

This annuity provides a monthly payment to you for your lifetime and, after your death, provides the same amount to your beneficiary for their lifetime. If your beneficiary dies before payment to you begins, this method is canceled.

Joint and 75% Survivor Annuity

This annuity provides a monthly payment to you for your lifetime and, after your death, provides 75% of this amount to your beneficiary until their death. If your beneficiary dies before payment to you begins, this method is canceled.

Joint and 50% Survivor Annuity

This annuity provides a monthly payment to you for your lifetime and, after your death, provides 50% of this amount to your beneficiary until their death. If your beneficiary dies before payment to you begins, this method is canceled.

Payments Level with Social Security

This option is available only if you retire before your Social Security Normal Retirement Age (SSNRA). Your Social Security benefit is estimated, and your plan benefit is calculated using your estimated Social Security benefit. Payments from the plan are higher at first, and then they decrease at your SSNRA. This annuity helps provide a consistent level of total income (Social Security benefit plus Plan benefit) during your early and later retirement years.

Learn more about the forms of pension payment by reading Payments from the BB&T Corporation Pension Plan at Retirement.

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Information contained within BBTBenefits.com applies to eligible associates residing in the United States, unless otherwise specified.


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