Death Before Retirement

The amount payable upon the death of a Participant before age 55 is based on Federal Pension Legislation (PBSA) as follows:

Before Age 55
a) without a spouse	-a lump sum payment of the value
	(actuarial equivalent) of the members
	benefit had the member terminated
	employment on the date of death. The
	benefit will be paid as a cash lump sum
	less tax, to the designated beneficiary.
	If a beneficiary is not designated the
	benefit will be paid to the estate
b) with a spouse	-a lump sum of the value (actuarial
	equivalent) of the members benefit had
	the member terminated employment
	on the date of death. The spouse will
	have the option to either transfer the
	benefit to a “locked-in” RRSP, apply for
	an immediate monthly annuity or defer
	the benefit until their retirement at age
	65. (Early Retirement Provisions do not
	apply)
Age 55 and over with
a) no designated beneficiary	- benefit will be paid to the Estate the same as before age 55
b) a designated beneficiary	- The Plan will assume the Participant (no spouse) retired on the date of death and elected the Life with 15 Years Certain Option (paid out as a cash lump sum less tax)
c) a spouse	-The Plan assumes the Participant retired on the date of death and elected the Joint and Survivor 100% Opt

 

Beneficiary

The person or persons you designate to receive any Plan Benefits on your death, either before or after retirement, except that if you die before retirement and have a spouse at the time of death but someone other than your spouse has been designated as your beneficiary, your spouse will receive any Plan death benefits payable.

Changes in your beneficiary designation must be made in the form prescribed by the Trustees and filed with the Plan Administrator.

Voluntary Contributions upon Death before Retirement

a) With a *Spouse

Your Spouse would receive a refund of your contributions plus interest. The refund would be paid out in a lump sum. Your spouse would have the option to transfer the lump sum to an RRSP or take cash.

b) Without a Spouse

Your beneficiary would receive a refund of your contributions plus interest. The refund would be paid out in a lump sum.

Election of Estate if no Spouse or Beneficiary

If you do not have a spouse or beneficiary you can elect your estate.

Election of Children age 18 and under (Minors) as Beneficiaries

If your children are minors benefit payments cannot be paid directly to them. We suggest you name a person who could receive the benefits on behalf of the children to avoid any legal issues that may arise. If you do not name a person to receive the benefits on behalf of the children, a parent or guardian will be required to apply to the Courts to receive the benefits or the appointment of a Public Trustee may be required.

Terminated Employees with a Deferred Benefit upon Death

The same death benefit rules apply as above.

Disabled Members Benefit upon Death

The same death benefit rules apply as above.

*Note: The definition of spouse can be found in Section 8 of this booklet.