Pension > SPD > If You Die Before You Start to Receive Payments

   
   

   
   


Contents   Previous  Next

IF YOU DIE BEFORE YOU START TO RECEIVE PAYMENTS

Before You Are Eligible for Retirement Benefits

If (1) you are still working for the Company or you have terminated employment, (2) you die after having earned a non-forfeitable (vested) right to your pension benefit but before you are eligible to receive retirement benefits, (3) you were married at your death, and (4) you and your surviving spouse had been married for the entire one-year period ending at your death, your surviving spouse will be entitled to receive a survivor's benefit. This benefit will be payable monthly for the life of your spouse starting on the first day of the month after your death, but not before the date you would have become eligible to receive retirement benefits. Your spouse must consent to the immediate payment if it is to begin before your normal retirement date and the value of the survivor benefits exceeds $5,000. If you were in active bargaining unit employment on or after December 1, 1999, the amount of the survivor's benefit will be equal to 75% of the monthly benefit you would have received if you retired on the day of your death (but not before the date that you would have been eligible for early retirement benefits), started receiving a pension benefit under the qualified joint and survivor annuity, and died the day after you retired. If you stopped working prior to December 1, 1999, your spouse's survivor benefit is equal to 50% of the monthly benefit you would have received if you retired on the day of your death (but not before the date that you would have been eligible for early retirement benefits) and started receiving an immediate pension benefit under the qualified joint and survivor annuity and died the day after you retired.

After You Are Eligible for Retirement Benefits

If (1) you are still working for the Company or you have terminated employment, (2) you die after you have earned a non-forfeitable (vested) right to your pension, and after you have become eligible to receive retirement benefits but before those payments begin, (3) you were married at your death, and (4) you and your surviving spouse had been married for the entire one-year period ending at your death, your surviving spouse will be entitled to receive a survivor's benefit. If your spouse elects, this benefit will be payable as of the first day of the month, after your death. If you were in active bargaining unit employment on or after December 1, 1999, the amount of this benefit will be equal to 75% of the monthly benefit you would have received if you retired on the day of your death and started receiving an immediate pension benefit under the qualified joint and survivor annuity and died the day after you retired. If you stopped working prior to December 1, 1999, your spouse's survivor benefit is equal to 50% of the monthly benefit you have received if you retired on the day of your death and started receiving an immediate pension benefit under the qualified joint and survivor annuity and died the day after you retired.


Contents   Previous  Next

   

   © 2017 ABC-NABET Retirement Trust Plan. Powered by MultiEmployer.com.