Death Benefits Before Retirement. Current Plan: Upon the death of a Participant prior to a Retirement Date and within 24 months of Covered Employment, a single-sum Death Benefit is payable to the Participant’s surviving spouse or Designated Beneficiary equal to the lesser of 100% of employer contributions or $10,000.
Death Benefits Before Retirement. If an employee should die before Normal Retirement Date, the designated beneficiary will be entitled to receive the lump sum commuted value of the accrued pension benefit, calculated in accordance with the minimum standards of provincial pension legislation and related regulations. Absence from work: If you are laid off work, granted a leave of absence or are off work due to illness or accident for a period not exceeding one year, it will not be considered as a termination of employment for purposes of the Plan. During such absence, there are no employee contributions to be made and no additional pension benefits are earned. Governmental pension Benefits: Pension benefits described above are paid in addition to benefits under the Canada Pension Plan to which both employees and the Company contribute and in addition also to the Old Age Security benefits.
Death Benefits Before Retirement. If an employee should die before Normal Retirement Date, the designated beneficiary will be entitled to receive an amount equal to the employee’s contributions made to December 31, 1986, with interest. If an employee qualifies under the Termination Vesting Schedule, the beneficiary will also receive the vested portion of the Company’s actuarially required contributions to December 31, 1986, with interest. With respect to benefits earned since January 1, 1987, the death benefit is payable to the deceased employee’s spouse, or if none to the designated beneficiary of the deceased employee. If the deceased employee had not completed 2 years of Plan Membership at death, the death benefit is an amount equal to the employee’s contributions since January 1, 1987, with interest. If the deceased employee had completed 2 years of Plan Membership at the date of death, the death benefit is the lump sum commuted value of the pension benefit earned since January 1, 1987, calculated in accordance with the minimum standards of provincial pension legislation and related regulations. Absence from work: If you are laid off work, granted a leave of absence or are off work due to illness or accident for a period not exceeding one year, it will not be considered as a termination of employment for purposes of the Plan. During such absence, there are no employee contributions to be made and no additional pension benefits are earned. Governmental pension Benefits: Pension benefits described above are paid in addition to benefits under the Canada Pension Plan to which both employees and the Company contribute and in addition also to the Old Age Security benefits.
Death Benefits Before Retirement. 10.01 Members or Former Members With Two or More Years of Pensionable Service In the event that a Member or Former Member who has two (2) or more years of Pensionable Service dies before their Retirement Date, the following shall apply:
Death Benefits Before Retirement. If an employee should die before Normal Retire- ment Date the designated beneficiary will be en- titled to receive an amount equal to the employee’s contributions made to December with compound interest. If an employee qualifies under the Vesting Schedule, the beneficiary will also receive the vested portion of the y required to Decem er with compound in- terest. Interest has been credited at yearly from to and at required legislated rate from January respect to benefits earned sinceJanuary the death benefit is payable to the deceas- ed employee’s spouse, or if none to the designated beneficiary of the deceased employee. If the deceased employee had not completed years of Plan Membership at death, the death is an amount equal to the employee’scon- tributions sinceJanuary with compound interest. If the deceased employee had completed years of Plan membership at death, the death benefits is an amount equal to the present value of the pension benefit earned since January calculated in accordance with the minimum standards of provincial pension legislation and related regulations.
Death Benefits Before Retirement. The spouse or beneficiary receives a refund of the accumulation of employee and employer contributions at the time of death.
