7.5 If you do not have a spouse when you retire (or if your spouse has waived the 60% joint and survivor pension)

Examples of death benefit after retirement

Joan retires at age 61, chooses a 60% joint and survivor pension guaranteed 10 years, and receives a monthly pension of $1,000. She dies 7 years later, at age 68. There are therefore 3 years left in the guarantee period.

She has a spouse

Joan’s spouse will receive:

• 100% of Joan's pension (i.e., $1,000 per month) for the remaining 3 years of the guarantee period (36 guaranteed monthly payments).

Should her spouse die before all the payments have been made, Joan’s designated beneficiary, or estate if no beneficiary is designated, will receive, in a single lump-sum payment, the value of the remaining monthly payments.

• Thereafter, he will receive 60% of this amount (i.e., $1,000 x 60% = $600 per month) until he dies.

She does not have a spouse (or her spouse waived his joint and survivor pension)

Joan's designated beneficiary, or estate if she does not have a designated beneficiary, will receive a lump-sum payment actuarially equivalent to the remaining 36 guaranteed monthly payments.
Thereafter, no death benefit will be payable from the Plan.