Survivor Benefits

Survivor Benefits At-A-Glance

The following chart shows the benefit payable to your spouse and/or beneficiary upon your death if the value of your Accumulated Share is more than $5,000.

 

PRERETIREMENT SURVIVING SPOUSE BENEFIT

DEATH BENEFIT

If you are married and you die before you retire

Your spouse will receive 50% of your Accumulated Share as a life annuity or, if your spouse elects, as a lump sum, as monthly installments for up to 120 payments, or a combination of the two forms of payment.

The balance of your Accumulated Share will be payable to your designated beneficiary who may or may not be your spouse in a lump sum, as monthly installments for up to 120 payments or a combination of the two forms of payment.

If you are married and you die after you retire

No benefit.

If you elected the 50% or 75% Spousal Annuity, your surviving spouse will receive 50% or 75%, whichever is applicable, of your monthly benefit amount. However, neither your spouse nor any other beneficiary will receive a death benefit. If you and your spouse waived the 50% Spousal Annuity (see page here), and you elected a benefit other than a life annuity, your spouse or other designated beneficiary will receive the balance of your Accumulated Share. Your surviving spouse or beneficiary may receive his or her benefit in a lump sum, as monthly installments for up to 120 payments or a combination of the two forms of payment.

If you are not married and you die before you retire

No benefit.

Your beneficiary will receive your Accumulated Share paid in a lump sum, as monthly installments for up to 120 payments or a combination of a lump sum and monthly payments.

If you are not married and you die after you retire

No benefit.

If you elected not to receive your benefit as a life annuity, your beneficiary will receive the remainder of your Accumulated Share, paid in monthly installments, a lump sum payment or a combination of the two forms of payment.