Death Before Retirement. The employee's designated beneficiary or estate shall receive a lump sum payment equal to the commuted value of his normal retirement pension accrued to his date of death and at least equal to the amount of his own contributions accumulated with Credited Interest. The commuted value shall be determined on the basis of the actuarial assumptions including the assumption about retirement age used in the most recent triennial valuation of pension liabilities.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Agreement
Death Before Retirement. The employee's ’s designated beneficiary or estate shall receive a lump sum payment equal to the commuted value of his normal retirement pension accrued to his date of death and at least equal to the amount of his own contributions accumulated with Credited Interest. The commuted value shall be determined on the basis of the actuarial assumptions including the assumption about retirement age used in the most recent triennial valuation of pension liabilities.
Appears in 1 contract
Samples: Collective Agreement
