Pension Summary Plan Description

12.1 Surviving Spouse Annuity

Your Spouse is eligible to receive a surviving spouse annuity if all the following conditions are met:

  • you die before your Retirement Date;
  • you were vested on the date of your death; and
  • you were married to your Spouse throughout the one-year period which ended the day before your death.

Your Spouse will be eligible to receive monthly payments until his or her death. Payments may begin as early as the month following your death (assuming proper application is made and there are no disputes regarding the benefit). The amount of the payments will be valued as the Joint Annuitant portion of a 66⅔% Joint Annuity option, as if you had retired the day before your death.

In lieu of electing this annuity until his or her death, your Spouse may elect to receive 60 monthly installments in an amount actuarially equivalent to the 66⅔% survivor annuity. Your Spouse's election is irrevocable, and installments under this option will cease following the 60th payment.

The Trust Customer Service Office provides the amount of both payment options available to your spouse upon our notification of your death.