Can I put an IEEE accepted journal version on Arxiv without paying Open Access fee? I am targeting a IEEE publication which allows Traditional manuscript submission or Open Access (OA) manuscript submission. The OA fee is $2,045.
https://signalprocessingsociety.org/publications-resources/ieee-signal-processing-letters/information-authors-spl

1) If I decide not to pay the OA fee (ie, I go for Traditional manuscript submission), can I still put the accepted paper version on Arxiv?

2) If 1) is positive, what are the benefits of choosing the OA submission? What can't you do with the Traditional submission that you can with the OA one?

thanks!
Non-legal answer:

The journals (theoretically) are there to provide editorial services as well as manage peer-review.

As such, the final product, or "accepted paper version" as you put it, is a result of work of the original authors, as well as the editor and IEEE organization. These people own the copyright and so regulate the licensing. You can't just "put it on arXiv".

Legally speaking:

Consult your agreement with IEEE and potentially a copyright lawyer.

Here is what IEEE has to say, and a quote:


  Can an author post his manuscript on a preprint server such as TechRxiv or ArXiv?
  Yes. The IEEE recognizes that many authors share their unpublished manuscripts on public
  sites. Once manuscripts have been accepted for publication by IEEE, an author is required to
  post an IEEE copyright notice on his preprint. Upon publication, the author must replace the
  preprint with either 1) the full citation to the IEEE work with Digital Object Identifiers (DOI)
  or a link to the paper’s abstract in IEEE Xplore, or 2) the accepted version only (not the IEEEpublished version), including the IEEE copyright notice and full citation, with a link to the
  final, published paper in IEEE Xplore.