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Information about the Pre-Retirement Survivor Annuity

You will be provided with a description of the pre-retirement survivor annuity and how it works before the later of:

The first day of the Plan year in which you reach age 32 but before the end of the Plan year in which you reach age 34; or

Within one year of the date you become a participant in the Plan.

If you have a one-year break in service before the Plan year in which you reach age 35, you will receive pre-retirement survivor annuity information within one year of the break in service.

If You Die Before Payment of Your Benefit Begins

If you die before you receive payment of your Annuity Plan benefit and the value of your account as of the date of your death is $5,000 or less, your Annuity Plan benefit will be paid to your beneficiary as a lump-sum payment.

If you die before receiving payment of your Annuity Plan benefit and the value of the benefit as of the date of your death is more than $5,000, the benefit is paid to your beneficiary as described below.

If you die while performing qualified military service, your beneficiary(ies) will be entitled to benefits as if you had returned to work and then died. No contributions will be credited to the time you were in military service.

Pre-Retirement Survivor Annuity

If you are married and you die before you receive payment of your Annuity Plan benefit, your surviving qualified spouse will be entitled to receive a pre-retirement survivor annuity if:

  • You did not waive the pre-retirement survivor annuity before your death;
  • Your beneficiary is your spouse and no other beneficiary has been designated; or
  • Your spouse did not consent to designation of another beneficiary.

If your spouse waives his or her rights to the pre-retirement survivor annuity before the end of the Plan year in which you reach age 35, you may make a special election to waive the pre-retirement survivor annuity until January 1 of the year in which you turn age 35. At that time or later, you will need to submit a new waiver with your spouse’s written, notarized consent. If you do not submit a new waiver and you die, your spouse will be the beneficiary of your pre-retirement survivor annuity.

The amount of the benefit is 100% of the balance of your account. Your spouse may elect to begin receiving payment of the pre-retirement survivor annuity as a:

  • Monthly life annuity payable for his or her life;
  • Lump-sum payment (Forms of Payment);
  • Fixed or variable annuity (Forms of Payment); or
  • Installment payments (Forms of Payment).

Your surviving spouse may elect to defer payment of the pre-retirement survivor annuity until the later of:

  • December 31 of the calendar year immediately following the calendar year of your death; or
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  • December 31 of the calendar year in which you would have reached age 70½.

Death Benefit

If you are not married or you have a designated beneficiary other than your spouse, and you die before you receive payment of your Annuity Plan benefit, the benefit will be paid to your beneficiary as a lump-sum payment. Your beneficiary may also elect to have benefits paid as:

If you received your benefit as a lump-sum payment, no further benefits are payable after your death.