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