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Death Benefits |
What happens if I die after I retire?
If you die after pension benefit payments have begun, the method of payment you elected governs if any benefits are to continue after your death. What happens if I die before I begin receiving benefits? The Plan provides a Pre-Retirement Death Benefit in the event you die before retirement, and you have been married for at least one year prior to your death and are eligible for a Deferred Vested Pension. Your spouse will be entitled to receive a monthly benefit payable for his or her life. Payments will begin on the first day of the month following the date of your death if, at the time of your death, you were eligible for a Rule of 90 Retirement Pension or an Early Retirement Pension. Your surviving spouse will be eligible to receive a benefit equal to 50% of your Rule of 90 Retirement Pension or your Early Retirement Pension, whichever is applicable, earned as of your date of death. Otherwise, your surviving spouse will receive a benefit commencing on the first day of the month after you would have reached your earliest retirement retirement age. The amount of this monthly benefit is equal to the amount your spouse would have been entitled to receive under the Qualified Joint and Survivor Annuity (see “Form of Payment"), computed as if you had (i) terminated employment on the earlier of the date you were last employed in Covered Employment or the day of your death, (ii) survived to your earliest retirement age with a Qualified Joint and Survivor Annuity, and (iii) died on the day after you reached your earliest retirement age. Your spouse may defer the commencement of this benefit to the date you would have attained age 65, however, if the single sum value of the surviving spouse benefit is $5,000 or less, your spouse will receive a one-time cash payment instead of a life annuity. If you are not married, and you die before retirement, no death benefits are payable from the Plan to your survivors or your estate. |