Life Events

If You Die Before You Retire

If you are married at the time of your death, your spouse should contact the Fund Office as soon as is practical to learn about benefits that he or she may be entitled to under the Individual Account Plan.

Preretirement Surviving Spouse Benefit

If you are married and you die before you’ve begun receiving your Individual Account Plan benefit, your spouse will be eligible to receive a Preretirement Surviving Spouse Benefit. The Preretirement Surviving Spouse Benefit is a monthly lifetime annuity equal to 50% of your Accumulated Share. Your surviving spouse may elect to receive the Preretirement Surviving Spouse Benefit in a form other than a 50% survivor annuity, including a single lump sum. For more information, see “Preretirement Surviving Spouse Benefit” on page here.

If your spouse is your designated beneficiary, the other half of your Accumulated Share will be paid to your spouse as a Death Benefit, described below.

Death Benefit

If you are married and you designate your spouse as your beneficiary, your spouse will also receive a Death Benefit in addition to the Preretirement Surviving Spouse Benefit described above. The Plan’s Death Benefit would provide your spouse with the remainder of your Accumulated Share after taking into account the Preretirement Surviving Spouse Benefit. If you die before you begin receiving your Individual Account Plan benefit and you are not married, your entire Accumulated Share will be paid to your designated beneficiary (or beneficiaries). Your spouse or other beneficiary may receive the Plan’s Death Benefit in a number of optional forms, including:

  • a single lump-sum payment;
  • monthly installment payments of up to 120 payments; or
  • a combination of lump sum and monthly installment payments.

If Your Accumulated Share is Less Than $5,000

If you die and the value of your Accumulated Share is less than $5,000, your surviving spouse or designated beneficiary will be paid in one lump sum.

Survivor Benefits

For more information about benefits for your survivor, see page here.