No amount of money will ever replace you. That said, your pension can provide your survivors with an important source of financial security. The size of the benefit your survivors receive will depend on your service and the nature of your relationship. Here’s how it works…

If you die before completing two full years of Continuous Service, your beneficiary will receive a lump-sum refund of your Plan contributions, plus interest.

If you die after completing two full years of Continuous Service but less than 10 years, your survivor(s) will receive a survivor pension from the Plan.

If you have a spouse at the time of your death, he or she will receive a lifetime pension benefit equal to the value of the pension you earned. If your spouse, in turn, dies before receiving 120 monthly payments, the remaining installments will be paid in equal amounts to your other eligible survivors.

If you don’t have a spouse at the time of your death, your eligible
survivor(s) will receive regular monthly incomes that equal, in total, the value of the pension you earned. In those cases where the resulting pension payments are relatively small, your survivors may receive a
lump-sum cash settlement instead of a regular monthly benefit.

If you die after completing 10 full years of Continuous Service, your surviving spouse will receive a lifetime pension equal to 60% of the pension benefit you would have been entitled to if you had retired on the day you died (and we assumed you were at least 65 at the time). Again, this benefit is guaranteed for 120 months. If your spouse dies before receiving 120 monthly payments, the remaining installments will be paid in equal amounts to your other eligible survivors.

If you don’t have a spouse at the time of your death, your eligible survivor(s) will receive regular monthly incomes that equal, in total, a minimum of 60% of the pension benefit you would have been entitled to if you had retired on the day you died (and we assumed you were at least 65 at the time). Depending on the size of the pension payments, your survivors may receive a lump-sum cash settlement instead of a regular monthly benefit.

Survivor pensions will be adjusted each year by 2/3 of the cost of living increase you would have received through the Plan.

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