Preretirement Survivor Benefit
If you die before you retire, your eligible spouse will receive a monthly preretirement survivor benefit for life if:
- You were an Active member in the Plan and died on or after reaching age 55; or
- You ended employment with a participating employer on or after reaching age 55 and were entitled to a vested benefit.
An eligible spouse is the person to whom you were legally married at the time of death and for at least 12 months prior to your death. If you do not have an eligible spouse at the time of your death, no preretirement survivor benefit will be payable from the Plan.
An eligible spouse’s preretirement survivor benefit will be determined as follows:
- The amount of your calculated retirement benefit based on your Credited Service and Highest Average Compensation at the time of death; however, if you were an Active member who had not yet attained age 65, a minimum of 10 years of Credited Service will be used for this purpose.
- If applicable, the benefit, as calculated above, will be adjusted based on the Plan’s early retirement reduction factor as if you had retired at the time of death.
- The benefit will be further adjusted as if you had elected the 50% joint and survivor option.