PRE-RETIREMENT LUMP SUM DEATH BENEFITS

What Happens If I Die Prior to Retirement?
In the event of your death, if you have completed at least two years of service and you are not on deferred pension status, your beneficiary will be eligible to receive a lump sum distribution equal to the contributions made on your behalf up to a maximum of $55,000.
However, if you have been married to the same spouse for at least the one-year period prior to your death and you are vested at the time of your death, benefits will be payable solely to your surviving spouse, in a manner described in the section entitled “Spouse’s Pre-Retirement Death Benefit”, regardless of your beneficiary designation. If there is a Spouse’s Pre-Retirement Death Benefit payable, the maximum Death Benefit is $8,250. 
It is important to know that if you did not have at least 450 hours of credited service in the two consecutive Plan years immediately prior to your death, you will not be considered an active participant and your beneficiary will not be eligible for the Pre-Retirement Lump Sum Death Benefit.

SPOUSE’S PRE-RETIREMENT DEATH BENEFIT
100% Joint and Survivor Annuity
In the event you die before retirement after earning a vested right to a future benefit and were married to your spouse for at least one year prior to your death, your spouse will be entitled to the Spouse’s Pre-Retirement Death Benefit. The Spouse’s Pre-Retirement Death Benefit is a monthly benefit equal to the amount your spouse would have received had you retired having elected a 100% Joint and Survivor Annuity and died the next day. The annuity begins when you would have reached your earliest retirement date under the Plan, or, if you had already reached your earliest retirement date under the Plan, on the first of the month following your death. The annuity continues for the life of your spouse. The amount would be reduced, if applicable, for early retirement. It should be noted that the Pre-Retirement Spouse’s Benefit does not have a 60-month payment guarantee. 

Lump Sum Payment
If the Spouse’s Pre-Retirement Death Benefit above is payable to your spouse, and you are not on Deferred Pension status your spouse will receive a lump sum death benefit equal to the contributions made on your behalf up to $8,250.

If you are not married, or you are not married to the same spouse for at least one year prior to your death, and you are not on Deferred Pension Status, the Death Benefit as described in the Pre-Retirement Lump Sum Death Benefit section above shall be payable to your designated beneficiary, up to a maximum death benefit of $55,000, provided that at the time of your death, you met the following requirements: 1) You had at least two years credited of Future Service, 2) Your Pension Credits had not been canceled under the Break in Service rules; 3) You had at least 450 Hours of Service in any one of the two Plan Years immediately preceding the date of your death, and 4) You died prior to retirement under the Plan. 
If you are not on Deferred Pension status and your spouse elects not to receive the Spouse’s Pre-Retirement Death Benefit, he/she will instead receive a lump sum distribution equal to the contributions made on your behalf up to a maximum of $55,000.
When receiving a lump sum payment your spouse or other designated beneficiary will be given two options:
• Direct Payment – 20% of the distribution will be withheld in Federal Income Tax.
• Direct Rollover – Distribution will be made payable to the financial institution where an Individual Retirement Account (IRA) is established. Income tax will not be if you choose a rollover.

POST-RETIREMENT LUMP SUM DEATH BENEFITS
The Plan provides a $10,000 Lump Sum death benefit for all retired participants. This death benefit is payable to your named beneficiary at the time of your death. 

LUMP SUM OF SMALL BENEFIT
If the present value of your benefit payable under this Plan is $1,000 or less, the Trustees shall pay any such benefits in a lump sum. When a lump sum has been paid by the Fund, all Pension Credits and Years of Vesting Service earned by a Participant with respect to which the lump sum distribution was made shall be completely disregarded and the Fund shall have no liability for the payment of any additional benefit to the Participant or his Beneficiary.