Retiree Annuity Fund
What if I die after I retire?
If you die while receiving payments under a Joint and Survivor Annuity, one-half of the amount of your monthly payment will be continued to your Spouse for his or her lifetime. If you were making installment, Partial Lump Sum or Flexible Lump Sum withdrawals, the balance in your Account will be paid to your beneficiary. No death benefits will be paid if you die after receiving a lump sum payment or Life Annuity payments from the Annuity Plan.
When will death benefits be paid?
Death benefits will be paid as soon as possible after an Application for Benefits is filed and approved by the Trustees. Payments must begin within one year after you die, except that your Spouse may elect to defer death benefits until the date you would have reached age 70-1/2. If your Spouse defers payment of death benefits and dies before receiving full payment, the remaining death benefit will be paid to her/his beneficiary or estate.
If a death benefit under $5,000 is payable to an estate and an Application for Benefits has not been filed within three months after the death, the unclaimed death benefit may be paid to one or more of the following of your surviving relatives:
- widow,
- widower,
- child,
- mother,
- father,
- brother or
- sister.
