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Anchorage, AK 99503

 
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Pension - Pre-Retirement Death Benefits

The Pension Plan provides a death benefit for the surviving spouse or other designated beneficiaries of a vested participant. The options offered are the 60-Month Death Benefit and the Spouse’s Lifetime Death Benefit.
 

60 Month Death Benefit

If the participant was not married, was vested under the Pension Plan, and died before retirement, the designated beneficiaries are entitled to a 60 month death benefit.  The benefit is equal to the participant's accrued benefit at the date of death and will continue until a total of 60 months have been paid.  Payments must begin by December 31st of the calendar containing the anniversary of the participant's death.
 

Spouse’s Lifetime Death Benefit

If the participant had a year of credited service within two years of his or her death, the participant's spouse is entitled to the 75% Spouse Option.  The surviving spouse has the choice between the 60 Month Death Benefit and the 75% Spouse Option.
 
60 Month Death Benefit 75% Spouse Option
When Retiree Would Reach Age 48 When Retiree Would Reach Normal Retirement Age
Accrued benefit at time of death Accrued benefit at time of death plus any benefit improvements, reduced by the early retirement penalties, further reduced by the 75% Spousal Option factor Accrued benefit at time of death plus any benefit improvements, reduced by the 75% Spousal Option factor

If the participant did not have a year of credited service within two years of his or her death, the participant's spouse is entitled to the 50% Spouse Option.  The surviving spouse will have the choice between the 60 Month Death Benefit and the 50% Spouse Option.
 
60 Month Death Benefit 50% Spouse Option
When Retiree Would Reach Age 48 When Retiree Would Reach Normal Retirement Age
Accrued benefit at time of death Accrued benefit at time of death plus any benefit improvements, reduced by the early retirement penalties, further reduced by the 50% Spousal Option factor Accrued benefit at time of death plus any benefit improvements, reduced by the 50% Spousal Option factor

The surviving spouse may not delay payments beyond the date the participant would have been age 62.

Designating a Beneficiary

Your beneficiary designation should be kept up to date to be certain that pre-retirement death benefits will be paid in accordance with your wishes.  If you wish to make any changes, please complete a new Pension Enrollment/Beneficiary Form .If you are married, your spouse is automatically beneficiary. 

 

 

More Pension Information
 

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