Common use of Death Before Retirement Clause in Contracts

Death Before Retirement. If you die before retirement, your spouse or your designated beneficiary will receive: the value of your pension accumulated from January 1, 1987 less the value of the pension accumulated under the Kraft Canada Plan; plus the excess, if any, of your contributions made from January 1, 1994 less any contributions made under the Kraft Canada Plan, over 50% of the combined value of the pension as indicated above. If you die after attaining age 55 and completing fifteen (15) years of continuous service, your spouse will receive an immediate retirement income in respect to your credited service prior to January 1, 1994 less the retirement income payable under the Kraft Canada Plan.