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SUMMARY PLAN DESCRIPTION
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| The Lump Sum Death Benefit may be forfeited if you work in Non-Signatory Employment on or after September 1, 1988. See the section entitled Work in Non-Signatory Employment. |
| Important
You must complete the Plan's Designation of Beneficiary form in order for your designated beneficiary to receive the Death Benefit under the Plan. A Beneficiary form is included with this booklet. You should complete the card and file it with our Local Union. The Plan will not recognize your designation of beneficiary unless you provide it on the Plan's form. |
Pre-Retirement Surviving Spouse Annuity
Your spouse will be eligible for a Pre-Retirement Surviving Spouse Annuity if you have attained Vested Status, have not retired before your death and are married at the time of your death. Upon your death, the Plan will provide your spouse with a lifetime annuity equal to 50% of the monthly benefit you would have received if you had left employment on the date of your death and chosen a 50% Husband-and-Wife Pension.
This benefit is effective at the later of the month after your death or the month in which you would have reached your earliest retirement age under the Plan. However, your spouse may choose to receive the benefit later if he or she desires.
If eligibility requirements are met and your spouse is the beneficiary for the Lump Sum Death Benefit, he or she may waive the Pre-Retirement Surviving Spouse Annuity and receive the Lump Sum Death Benefit instead. The Lump Sum Death Benefit cannot be less than the actuarial equivalent of the Pre-Retirement Spousal Benefit.
| In the
event of your death, your spouse or beneficiary should notify the
Pension Benefits Department as soon as possible. The Department
staff will guide your spouse or beneficiary through the process.
Actuarial equivalent means a benefit having the same present value as the benefit it replaces. |
If You Die After Pension Payments Begin
When you apply for your pension benefits, you will be asked to designate your beneficiary or beneficiaries who will be entitled to receive any remaining benefits in the event of your death. If benefits are payable after your death and you have not designated a beneficiary or your beneficiaries have died before you, the Plan will pay any remaining benefits to your estate.
Once you are receiving pension payments, you may change your beneficiaries at any time by requesting a Change of Beneficiary form directly from the Pension Benefits Department. However, you cannot change the designation of your spouse under the Husband-and-Wife Pension. Remember, the form of pension you elect at retirement will determine whether any benefits are payable after your death.
If you die after pension payments begin and you were receiving your pension in the form of a:
§ Husband-and-Wife Pension, your spouse will receive 50% or 100% of the amount you were receiving, depending on which form of payment you chose,
§ 120 Certain Payments, your beneficiary will receive the balance of the 120 payments that you did not receive if you died before receiving 120 payments, or
§ Lifetime Pension, payments will end.
If you are retired on a Normal Retirement, Early Retirement, Special Early Retirement or 55/30 Pension, were receiving it in the form of a 50 % Husband-and-Wife Pension or Lifetime Pension, had at least 15 years of Pension Credit and you (or you and your spouse if you elected the Husband-and-Wife Pension) had not yet received at least 60 monthly payments, the Plan will pay the balance of 60 Guaranteed Payments to your beneficiary.
If you retired with less than 15 Years of Service and you die before receiving payments that equal the amount of the Lump Sum Death Benefit to which your beneficiary would have been entitled if you died before retirement, the difference will be paid to your beneficiary if:
§ You were receiving a Normal Retirement, Early Retirement, Special Early Retirement or 55/30 Pension, and
You did not elect a 50% or 100% Husband-and-Wife Pension, 120 Certain Payments Option or Level Income Option.
If Your Spouse or Beneficiary Dies
If your spouse or beneficiary dies before or after your pension begins, you should contact the Pension Benefits Department to update your beneficiary information. If you have already started receiving your pension benefits in one of the Husband-and-Wife Pension forms and your spouse dies, your benefit will be increased to the amount of the pension you would have received without the Husband-and-Wife Pension form of payment. However, this increase does not apply to Disability or Industry-Related Disability Pensions paid in the Husband-and-Wife Pension form.
Social Security Death Benefits
Your family may also be entitled to Social Security benefits after your death. If you die leaving dependent children, family benefits may be payable until your children reach age 18. After your children reach age 18, your spouse may be entitled to start receiving Social Security benefits again when he or she reaches age 60.
