MMC Benefits Handbook
When the Grandfathered BEP Benefit Commences
In order to commence a Grandfathered BEP Benefit you must terminate employment and elect to commence a benefit under the Retirement Plan. Generally, a Grandfathered BEP Benefit will be paid at the same time and generally in the same form of payment that is elected under the tax-qualified Retirement Plan. See the exception if you commence payment of your Retirement Plan benefit under the Phased Retirement Program.
In certain cases, you might be able to elect a single sum payment of your Grandfathered BEP Benefit. See "How Grandfathered BEP Benefits are Paid" for details.
In the case where you die before commencing a Grandfathered BEP Benefit, a survivor benefit based on your Grandfathered BEP Benefit might be payable to your eligible opposite-sex Spouse. See "Grandfathered Survivor Benefits."
If your Grandfathered BEP Benefit meets the Small Benefit Payment Rule, your Grandfathered BEP Benefit will be paid in a single sum payment. See "Small Benefit Payment Rule for Grandfathered BEP Benefit."
For a description of how the Grandfathered BEP Benefit is determined see "Determining the Grandfathered BEP Benefit."