Pre and Post Retirement Death Benefits

Pre-Retirement Surviving Spouse Benefit

For Married Participants: If you predecease your Spouse prior to your Annuity Starting Date and are Vested at the time of your death, your Surviving Spouse is entitled to receive a Qualified Pre-Retirement Surviving Spouse Benefit

If your death occurs at a time that you satisfy the eligibility requirements for at least one type of pension described on the Pension Benefits & Qualifications page, except that you have not terminated Covered Employment or applied for a benefit, your Surviving Spouse will receive a lifetime benefit for your Post January 1, 2016 Accrued Benefit and Variable Pension equal to the amount you would have received as a 50% Joint and Survivor Annuity, determined as if you Retired on the day before your death and reduced based on your age and the age of your Spouse at the time benefits commence. However, if you die after reaching age 62 while eligible for an immediate pension, your Surviving Spouse will be entitled to an immediate 100% Joint and Survivor Annuity. For your Pre-January 1, 2016 Accrued Benefit, the survivor portion is determined under the New Jersey Plan.

If your death occurs before having satisfied the eligibility requirements for any pension described on the Retirement Benefits & Qualifications Page, your Surviving Spouse will receive a lifetime benefit, determined as if you terminated Covered Employment on the earlier of the date you last worked in Covered Employment or your date of death, survived to the earliest date on which a pension would be payable, Retired on that date with a Qualified Joint and Survivor Annuity (determined separately for your Post-January 1, 2016 Accrued Benefit and Variable Pension, and your Pre-January 1, 2016 Accrued Benefit), and died the next day. This benefit will be reduced based on your age and the age of your Spouse at the time benefits commence. However, if you are an Active Participant and die prior to attaining age 55, your Spouse will be entitled to an immediate benefit that is determined as if you were age 55 on your date of death. Otherwise, your Spouse's benefit will not commence until you would have attained age 55.

If you work at least one Hour of Service in Covered Employment on or after January 1, 2016, your Surviving Spouse may elect to begin receiving a Qualified Pre-Retirement Surviving Spouse benefit in accordance with the rules in the preceding paragraph or may elect to defer commencement. However, your Spouse's benefit must commence no later than December 31 of the Calendar Year in which you would have reached the Required Beginning Date if you were still alive, or, if later, December 31 of the Calendar Year following the year of your death.

Please note that in all cases the amount of this benefit will be determined under the Plan rules in effect at the time you terminate Covered Employment. This means that if you stopped working in Covered Employment prior to death, your Spouse should refer to the terms of the Plan in effect at the time of your termination.

This benefit will not be paid to anyone other than your Spouse unless a QDRO provides for payment to a former spouse.

 

Pre-Retirement 60-Month Death Benefit

For Unmarried Participants: Your Beneficiary may be entitled to a pre-retirement death benefit from the Fund if you do not have a Spouse on your date of death; are Vested at the time of your death; and died while an Active Participant.

There is no other pre-retirement death benefit under the Plan. This Pre-Retirement 60-Month Death Benefit will be paid in a single lump sum payment in an amount equal to 60 times the monthly amount of your Accrued Benefit, reduced by 4% per year if you were younger than age 62 at death (with a maximum reduction of 28%).

Post-Retirement Death Benefit

If you die after pension payments begin to you, benefits payable after your death to your Beneficiary will be determined based on the form of payment you were receiving. In addition, a lump sum death benefit of $2,500 will be paid to your Beneficiary.

Must be credited with at least 1 Hour of Service in Covered Employment on or after January 1, 2016 and die while receiving a pension under the Plan. However, this $2,500 benefit is not payable if you Retired on or after January 1, 2016 and are receiving a Partial or Pro Rata Pension.

KEYWORDS & DEFINITIONS