Post-Retirement Death Benefits. (a) If a Participant dies after he or she has begun receiving benefits from the Plan, the Participant’s Account shall be paid to the Participant’s Beneficiary (check one): X In accordance with the minimum required distribution rules under Code section 401(a)(9). □ In a single lump sum as soon as administratively practicable.
(b) If a Participant dies after he or she has begun receiving benefits from the Plan, the Plan X does / □ does not (check one) permit the Participant’s Beneficiary to designate a beneficiary for the Participant’s Account remaining at the Beneficiary’s death. This provision is in effect on and after January 1, 2014 (indicate a date on or after January 1, 2014).
Post-Retirement Death Benefits. In the event that the Employee should die after becoming entitled to receive payments under Section I but before all such payments have been made, the Bank will make all remaining payments to such beneficiary or beneficiaries as the Employee has designated to the Bank in writing (the "Beneficiaries'). In the event of death of the last living Beneficiary before all unpaid payments have been made, the balance of any payments which remain unpaid at the time of the death of such Beneficiary shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of such beneficiary designation, any amount remaining unpaid at the Employee's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the Employee's estate.
Post-Retirement Death Benefits. In the event that the Director --------- ------------------------------ should die after becoming entitled to receive monthly installment payments under this Agreement but before all remaining installment payments have been made, the Bank will pay all remaining installment payments to the Beneficiary or Beneficiaries. In the event of the death of the last living Beneficiary before all installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of such beneficiary designation, any payments remaining unpaid at the Director's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single a sum to the Director's estate.
Post-Retirement Death Benefits a. $500 Lump Sum 8. 2% Retirement COLA
Post-Retirement Death Benefits. For Members who retire after December 31, 1987, the Plan will be amended to provide that where the retiree has a spouse at the time of retirement, the Member will be deemed to have elected a pension which continues for the lifetime of the spouse following the death of the retiree at sixty (60) percent of the basic pension the retiree had been receiving. The amount of the pension will be the actuarial equivalent of the pension earned in the normal form. The provision may be waived within twelve
Post-Retirement Death Benefits. The lump sum options described in this Section shall apply only for deaths that occurred prior to September 25, 2013.
a) Upon the death of a Retiree who was receiving his benefits in the form of a single life annuity in conformity with an election duly and properly made, a lump sum death benefit is payable to a designated Beneficiary providing that if the decedent left a surviving spouse, and the designated Beneficiary is other than the surviving spouse of the deceased Retiree, the such lump sum payment shall be divided equally between the designated Beneficiary and the surviving Spouse. The death benefit will be equal to 100% of the Contributions made on the deceased’s behalf, less any monthly benefits paid to the Retiree during his lifetime. In any event, a minimum of $4,000 will be paid on the deceased’s behalf.
b) Upon the death of a Retiree, who was receiving his benefits in the form of a Joint and Survivor Annuity with his surviving Spouse, a lump sum Death Benefit $4,000 is payable to a designated Beneficiary, provided that if the decedent left a surviving Spouse, and the designated Beneficiary is other than the surviving Spouse of the deceased Retiree than such payment shall be divided equally between the designated Beneficiary and the surviving Spouse. Upon the death of both the Retiree and his surviving Spouse, a lump sum benefit is payable to a designated Beneficiary of the survivor of the retiree or his Spouse. The death benefit will equal 100% of the Contributions made on the Retiree’s behalf, less any monthly benefits paid to the Retiree and his Spouse under the Joint and Survivor Annuity during their lifetimes, and less the lump sum Death Benefit of $4,000 as paid herein.
Post-Retirement Death Benefits. If you die after pension payments start, the amount of benefit payable to your Spouse, Same Sex Partner or beneficiary, as applicable, will depend on the form of pension you had chosen. If you had not chosen one of the options, the normal form of pension payment would apply. WHAT ELSE YOU SHOULD KNOW Plan Admin ration The Company is responsible for establishing the administration of the Plan. The Administrator will supply you with all the necessary forms for applying for benefits. If the Plan is ever terminated, the Administrator will allocate and distribute the assets of the trust fund in accordance with the applicable government legislation. Cove ment Benefits The benefits described above are in addition to your government benefits. The maximum pension payable from the Canada Pension Plan for a person retiring at age in is per month. The Old Age Security Pension at January amounts to per month. These amounts are based on current law and on the assumption you will be fully eligible for these benefits. The Plan is designed to ensure that you receive an income at retirement. For this reason you may not assign any of its benefits other than by naming a beneficiary except where division of benefits is permitted under applicable provincial or federal legislation determined pursuant to a marriage breakdown order or a written separation agreement issued under a provincial matrimonial property act. You will receive annually a personal statement showing your accrued retirement pension earned to date and your estimated retirement pension commencing on your normal retirement date. Remember This booklet is for your convenience only. It is intended to tell you about the main provisions of the Pension Plan. Not all details are included. If you have any questions on the Pension Plan or on your individual situation, contact your Human Resources Department. Your Group Benefit Plan TORONTO RETIRED EMPLOYEES GROUP CONTRACT NUMBER: DATE REFER TO MASTER CONTRACT You can contact Maritime Life at In the Toronto area, (905) or visit our web site at: material summarizes the important features of your group benefit plan. booklet is prepared as only, and does not, in itself, constitute a contract. The exact terms and conditions of your group benefits are in the Contract held by your Employer. The information contained in this booklet is important and should be kept in a safe place. SUMMARY OF BENEFITS
Post-Retirement Death Benefits. (a) If a married Participant who is receiving benefits in the form of a Qualified Joint and Survivor Annuity [or in the form of any joint and survivor annuity for the Participant and Qualified Spouse under the Social Security (Level Income) Option or the Lump Sum Payment Option] dies before he has been paid a total of sixty (60) monthly benefit payments in the case of a Local Union No. 3 Retiree, or for a period of seventy-two (72) months in the case of a Participant who would be classified as a Local Union No. 772 Retiree (for benefits accrued on and after January 1, 2010, sixty (60) months), the Participant’s surviving Qualified Spouse shall receive monthly benefit payments each equal to fifty (50%) percent of the monthly benefit payment being made to the Participant at the time of his death. Such monthly benefit payments shall supplement the survivor annuity benefit to which the Qualified Spouse is otherwise entitled by virtue of the Participant’s death. Supplemental monthly benefit payments to the deceased Participant’s surviving Qualified Spouse shall continue until a total of sixty (60) monthly benefit payments in the case of a Local Union No. 3 Retiree, or for a period of seventy- two (72) months in the case of a Participant who would be classified as a Local Union No. 772 Retiree (for benefits accrued on and after January 1, 2010, sixty (60) months), have been made to the Participant and the surviving Qualified Spouse.
(b) If a Qualified Surviving Spouse receiving the death benefit described in paragraph (a) above dies before a total of sixty (60) monthly benefit payments in the case of a Local Union No. 3 Retiree, or for a period of seventy-two (72) months in the case of a Participant who would be classified as a Local Union No. 772 Retiree (for benefits accrued on and after January 1, 2010, sixty (60) months), have been made to the Participant and the surviving Qualified Spouse, the Participant’s surviving Beneficiary shall receive monthly benefit payments each equal to one hundred (100%) percent of the monthly benefit payment being made to the Participant at the time of his death until a total of sixty (60) monthly benefit payments in the case of a Local Union No. 3 Retiree, or seventy-two (72) monthly benefit payments in the case of a Local Union No. 772 Retiree (for benefits accrued on and after January 1, 2010, sixty (60) months), have been made to the Participant, the Qualified Spouse and the Beneficiary.
(c) If a married Participant who is ...
Post-Retirement Death Benefits. Should the Participant die after he has begun to receive benefits in the form of installments, the remaining installments shall be made to the Participant’s Beneficiary, subject to any limitations under Code section 401(a)(9), unless the Beneficiary elects to receive such amounts in a single lump sum payment. In no event shall the Employer or Committee be liable to the Participant for the amount of any payment made in the name of the Participant before the Committee receives proof of death of the Participant. The Beneficiary of a Participant who annuitized his Account prior to his death is only entitled to the survivor benefits, if any, under the annuity option elected by the Participant.
Post-Retirement Death Benefits. Should the Participant die after he has begun to receive benefits under an annuity payment option, the guaranteed or remaining payments, if any, under the annuity payment option shall be payable to the Participant’s Beneficiary commencing with the first payment due after the death of the Participant. If the Beneficiary does not continue to live for the remaining period of payments under the annuity payment option, then the remaining benefits under the annuity payment option shall be paid to the Beneficiary’s beneficiary or, if none, the Beneficiary’s estate. Should the Participant die after he has begun to receive benefits under any other payment option, a death benefit equal to the value of the Participant’s Account shall be payable to the Beneficiary. Such death benefit shall be paid in a lump sum unless the Beneficiary elects a different payment option. Should the Beneficiary die before the completion of payments under an annuity payment option or before distribution of the entire Participant Account, then the value of the remaining payments under the annuity payment option, or the value of the Participant Account in a lump sum, respectively, shall be paid to the Beneficiary’s beneficiary or, if none, the Beneficiary’s estate. Payment to the Participant’s Beneficiary under this section must comply with Code Section 401(a)(9), and with any additional Code limitations applicable to the Plan. In no event shall the Employer be liable for any payments made in the name of Participant or a Beneficiary before the Employer or its agent receives proof of the death of the Participant or Beneficiary.
