If you die after you have begun receiving installment payments, and you and your spouse have waived the 50% Spousal Annuity, your spouse (or your designated beneficiary, in the event your spouse waived his or her right to be your beneficiary prior to your effective date) will receive a Death Benefit equal to the balance of your Accumulated Share as:
- a 75% survivor annuity, if you elected to receive your Accumulated Share as a 75% Spousal Annuity;
- a single lump sum;
- monthly installments for up to 120 months, until the balance if your Accumulated Share is exhausted (only available if the value of the Death Benefit is greater than $5,000); or
- a combination of a lump sum payment and monthly installments (only available if the value of the Death Benefit is greater than $5,000).
In addition, if your surviving spouse or designated beneficiary is being paid in monthly installments or in a combination of monthly installments and a lump sum amount, he or she may later elect to receive the remaining balance in a lump sum payment. Should your surviving spouse or designated beneficiary make this election to receive a lump sum payout of your Accumulated Share, he or she will have received the full benefit from the Plan and will not receive any further payments.
If you elected the 50% Spousal Annuity, your spouse will receive 50% of the benefit you had been receiving prior to your death. No additional Death Benefit is payable.