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Death of a Member Prior to Retirement |
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What
happens if I die before retirement?
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What
happens if I die before
retirement?
If you die prior to your retirement, and are survived by
your Spouse, the Plan will pay a monthly benefit
to your Spouse, commencing immediately, for
the remainder of her lifetime, equal to 60% of the
monthly pension benefit which you had accumulated at
the time of your death. A surviving Spouse
has the same “Portability” options as a terminated member.
If you are not survived by your Spouse, or your Spouse
has waived her right to the death benefits, but
there are Dependent Children, the monthly benefit
which would have been paid to your Spouse
shall be shared equally between the Dependent
Children. The monthly benefit for each of
them will continue until age 21 or the date the dependency
ceases. The benefit may be continued to
age 25 while the child remains a Dependent and is
attending a full time course of study at a recognized university
or college of education. The Dependent
Children have the right to request payment of
the benefit in a lump sum.
If you die leaving no Spouse or Dependent Children,
your beneficiary will receive a lump sum benefit
calculated as 60 times the accrued monthly pension
benefit.
The value of benefits paid to beneficiaries other than
a Spouse will equal at least 60% of the accrued
pension benefit.
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PDF - 65 Kb)