MMC Benefits Handbook
How the 409A SRP Benefit is Paid
The 409A SRP Benefit that is not a small benefit will be paid to you as a monthly annuity. See "409A SRP Benefit Small Benefit Payment Rule" for details. Monthly annuity payment form options include the normal form (the SRP's default payment form), single life annuity, contingent annuity and period certain. (See "Payment Form Options" for details.)
Each payment form is an Actuarially Equivalent annuity—that is of equal value determined using the actuarial assumptions in the Retirement Plan. The differences in the amounts payable under each form of payment reflects any difference in age between you and, if applicable, the person you designate to receive your benefit when you die, the amount paid to the designated survivor, and the projected payout period.