Pension Fund Survivor Benefits

Pre-Retirement Survivor Benefit:

Once you have earned a total of 5 years of Vesting Credit, you are a vested participant of the Plan. In the event of your death while still in active service, your beneficiary or spouse would be eligible to receive a benefit.

If single or your spouse waives Joint & 50% Survivor benefit:

Benefits would be paid to your beneficiary or spouse for a period of 60 months beginning with the month of your death. The benefit would be determined by your years of serviced multiplied by the benefit rate in effect at the time of your death.

If you were married at time of your death:

Your spouse could select a lifetime survivor benefit payable with the first month following the date you would have reached age 55. The benefit would be determined by your years of service multiplied by the benefit rate in effect at the time of your death less 25% age reduction for age 55*, less the Joint & 50% Survivor Option Factor. Your spouse would then receive 50% of that amount as a monthly benefit for the balance of his/her lifetime.

*If your death occurred after reaching age 55, the pension could start with the month of your death. If you died between the ages of 55 and 60, the age reduction would be .4166 for each month less than age 60. If death occurred after age 60, there would no reduction for age.

Example:

A participant had earned a total of 15 years and was age 55 at time of death and the benefit rate was $109.00.

15 (years of service) X $109.00 (benefit rate) = $1,635.00 less age reduction of 25% for 60 months less than age 60 (60 X .4166 = 25%) = $1,227. If your spouse were the same age as you, the Joint & 50% Survivor Factor would be 90%. $1,125 X 90% = $1,013. Your spouse would then be eligible to receive 50% or $507.00 per month for the balance of his/her lifetime.