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 start 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 benefit will be paid to your beneficiary as a lump-sum payment.
- 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.
- While performing qualified military service, your beneficiaries will be entitled to benefits as if you had returned to work and then died. No contributions will be credited for the time you were in military service.
Pre-Retirement Survivor Annuity
If you are married and you die before you start payment of your Annuity Plan benefit, your surviving qualified spouse will be entitled to 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,
- Fixed or variable annuity, or
- Installment payments.
Your spouse is considered a “qualified spouse” if you were married on the date of your death. Marriage does not include domestic partners unless you were married in a state or foreign jurisdiction that recognizes same sex marriages, or civil unions.
If you are not married or you have a designated beneficiary other than your spouse, your Annuity Plan benefit will be paid to your beneficiary as a lump-sum payment. Your beneficiary may also elect to have benefits paid as:
- A fixed or variable annuity, or
- Installment payments