Bakery Drivers Local 734 - Health and Welfare Fund | Survivor Protection Before Retirement
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Survivor Protection Before Retirement

Survivor Protection Before Retirement

Pre-Retirement Death Benefit
If you die before you retire and have not started receiving any pension payments, your spouse will receive a pre-retirement death benefit provided:

  • You had earned five or more years of vesting service (or you attained age 65 and have five years of participation in the plan);
  • You had between 27 and 30 continuous years of benefit service; and
  • You had not started receiving pension payments at the time of your death.

The pre-retirement death benefit is payable to your surviving spouse if you are legally married during the 12-month period prior to the time of your death. An application must be completed by your spouse and returned to the Fund Office to receive this benefit. Your eligible spouse may receive a monthly pension, beginning with the earliest date that you could have elected commencement of your pension.

When Payments Begin
If you have met both the age and service requirements for a normal, regular, reduced regular, or early retirement pension, the commencement date would be the first day of the month after your death. If you had between 27 and 30 continuous years of benefit service, your eligible spouse would begin receiving benefits the first day of the month following the date you would have earned 30 years of continuous benefit service. If you had met the eligibility requirements for a vested deferred pension and had at least 15 years of benefit service, your eligible spouse would begin receiving benefits on the later of: the first day of the month following your date of death; or the first day of the month following your 55th birthday. However, if you had met the eligibility requirements for a vested deferred pension and did not have at least 15 years of benefit service, your eligible spouse would not begin receiving benefits until the later of: the first day of the month following your date of death; or the first day of the month following your 65th birthday (the earliest date you could have commenced benefits under the plan). Once your eligible spouse begins receiving a pension, monthly payments will continue for the remainder of your spouse’s lifetime.

This death benefit is not payable if you do not have an eligible spouse, die after you retire, or were not eligible for a benefit at the time of death.

Amount
The monthly pre-retirement death benefit payable to your eligible spouse is equal to 50% of the pension to which you would have been entitled had you retired and elected a joint and survivor pension to begin on the earliest commencement date under the plan. If payments begin before the date at which you could have commenced a pension without reduduction for early retirement or early commencement, the death benefit will include the appropriate reduction. If payments begin later, the death benefit amount will include an actuarial adjustment to reflect the delayed commencement of benefits.