A death benefit may be paid to
your designated beneficiary if you are an active participant, a
terminated vested participant or a pensioner.
However, if you are married your
spouse may be eligible for a surviving spouse death benefit in lieu of
the benefit payable to your designated beneficiary.
The following death benefits are
payable upon deaths occurring on or after January 1, 1977:
- The death benefit amount
payable to the beneficiary of an active participant is equal to the
total employer contributions made on the participant’s behalf,
not less than $500.
- The death benefit for a
terminated vested participant is the product of the death benefit he
would have been entitled to had he been an active employee, times the
appropriate vesting percentage. For further information regarding
vesting percentages please see the Summary Plan Description.
- For a pensioner, the death
benefit is the same as for an active employee or a terminated vested
participant, but it is reduced by any retirement benefits paid to the
pensioner and/or the contingent annuitant prior to death.
In the event of your death, your
spouse and/or beneficiary should contact the Fund Office in order to
learn if there are any available benefits.
SURVIVING SPOUSE ANNUITY:The
surviving spouse of an active vested participant or the surviving
spouse (who has been continuously married for at least one year) of a
terminated vested participant who dies, is eligible to elect to receive
a monthly pension for life in lieu of any death benefit otherwise
payable to a designated beneficiary, subject to the following:
- If participant was eligible for
an immediate normal or early retirement, the surviving spouse’s
pension will commence immediately.
- If participant was not eligible
for an immediate normal or early retirement benefit, the surviving
spouse’s pension will commence on the date the participant would
be eligible for immediate pension benefits.
- The amount of the
spouse’s monthly pension would be 50% of the benefit the
participant would have received had he retired the day before his death
and elected the joint and 50% survivor option.