What Death Benefits are provided by the Plan?
There are several types of benefits provided by the Plan depending
on your status at the time of death.
Vested
Future Retirement Benefit and you die prior to your Early Retirement
Date
If you are vested in a future retirement benefit and die before your
Early Retirement date, a Qualified Survivor Benefit will
automatically be paid to your surviving Spouse. This benefit will
be in the form of a monthly payment equal to 100% of your spouse's earned
monthly benefit at the date of your death. The Qualified Survivor
Benefit will not start earlier than the first day of the month that
you would have qualified for an Early Retirement Benefit had you not
died.
Your spouse’s right to a future Qualified Survivor
Benefit can be waived only by you in writing with the written
consent of your spouse. Such consent must be upon a form provided by the
Fund Office and it must be filed with the Fund Office prior to your
death. Your surviving spouse cannot waive the Qualified
Pre-Retirement Survivor Benefit after your death.
Should this benefit option be waived, your Surviving Spouse would
receive the greater of a Lump Sum Death Benefit equal to the contributions paid to
the Fund on your behalf, without interest, or the actuarial present
value of the Qualified Survivor Benefit.
Vested
Future Retirement Benefit and you die after your Early Retirement
Date
If you are vested in a future retirement benefit and die after your
Early Retirement Date, but prior to your actual retirement, a
Qualified Survivor Benefit will automatically be paid to your
surviving Spouse. This benefit will be in the form of a monthly
payment equal to 100% of your spouse's earned monthly benefit at the date of
your death beginning on the first day of the month following your
death and continuing for your spouse’s lifetime.
The Plan provides for a survivor benefit after the date of retirement
unless you rejected this option at the time of retirement. Your
spouse will automatically receive a monthly benefit under the Joint
and Survivor Benefit if you die after your retirement benefits
commence.
The benefit will be in the form of a monthly payment equal to either
50% or 100% of the benefit paid to you immediately preceeding your
death, depending on the election you made at your time of
retirement. |
