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Summary Plan Description
Preretirement Death Benefits
If you die before you begin to receive your benefits from this Plan and you are not married, your entire Individual Account will be paid to your beneficiary in a Lump Sum. Your beneficiary may also use the Individual Account to purchase a monthly annuity. (See pages 10-13.)
If you die before you begin to receive your benefits from this Plan and you are married on the date of your death, one-half of your Individual Account will be used to provide a Preretirement Surviving Spouse Benefit to your surviving spouse and the remaining half will be paid to your beneficiary as a Preretirement Death Benefit.
Preretirement Surviving Spouse Benefits
The Preretirement Surviving Spouse Benefit provides a monthly pension to your surviving spouse for his or her lifetime. If one-half of your Individual Account is less than $5000, the Preretirement Surviving Spouse Benefit will be paid to your spouse in a lump sum.
If your spouse is your designated beneficiary for your entire Individual Account, your spouse may elect to receive either a monthly pension for his or her lifetime which is based on the entire Individual Account, or your spouse may elect to receive all of the Individual Account in a single lump sum.
Your spouse will be required to elect his or her method of payment in writing, which must be witnessed by a notary public.
The Preretirement Surviving Spouse Benefit is payable to your surviving spouse at any time after your death. Before the Fund Office can pay the benefit, an application must be submitted that includes all information required to process the claim.
The Surviving Spouse may not postpone the start of benefit payments beyond the April 1st following the calendar year in which you, the Participant, would have reached age 70 ½ .
Death After Retirement
If you die after your Individual Account has been used to purchase an annuity contract from an insurance company, any payments to a beneficiary are determined by the type of annuity you have chosen. See pages 10-13.
Designating a Beneficiary for Preretirement Death Benefits
When you become covered by the Plan, you should name someone to receive your Individual Account if you die. You may change your beneficiary designation at any time by filling out a new Beneficiary Form. A Designation of Beneficiary form is available from the Fund Office. A change of beneficiary is effective only when a properly completed Beneficiary Form is received by the Fund office. Your divorce from your Beneficiary does not change your Beneficiary or invalidate the designation. If you are divorced and wish to change your Beneficiary, you must submit a new form to the Fund office.
If you are married, your spouse is entitled by law to one-half of your Individual Account as a Preretirement Surviving Spouse Benefit. You may also designate your spouse to be your beneficiary for the Preretirement Death Benefit; your spouse will then receive 100% of your Individual Account. You may also designate any other person to receive one-half of your Individual Account instead of your spouse.
If There Is No Beneficiary
If you have not designated a beneficiary for the Death Benefit from this Plan, or your beneficiary is not living at the time of your death, or if your Beneficiary dies prior to receiving the full or remaining amount of your Account, any Death Benefit will be paid to the first person(s) in the following order who is living at the time of your death:
If two or more persons become entitled to payment of the Death Benefit the benefit will be divided equally among them.