Joint 50% Surviving Spouse option

[Guest David5]

I am getting ready to retire. My pension plan has a Election Notice. Joint and 50% surviving spouse option. To sum it up-If I elect this option I can have my monthly pension reduced by 15%. When I die my wife will receive half of my monthly pension for life. OR If I do not elect this option If I die before receiving 60 months of benefits, my wife could receive a monthly benefit equal to my monthly payment for the REMAINDER of the first 60 months only. After the 60 months is paid my wife will receive no further benefits. I have several questions. 1. What happens if I do not elect either option? (I have 90 days prior to retirement and 90 days"election"period after retirement), but no "penalty" is given. 2. What other options do I have? I don't like either option. 3. Is this something my company can legally do? It may sound dumb, but why do they get to dictate my pension that I have put into for 25 years? Any help in this matter would be appreciated. Thanks!