Full time UPS/IBT plan.
If You Die Before You Retire
If you die before you retire, your spouse or beneficiary may be entitled to certain benefits, as follows:
50% Surviving Spouse Benefit
If you die after you are vested or you are eligible for a retirement benefit, your surviving spouse will receive a monthly benefit from the Plan. Your spouse will receive 50% of the benefit you were entitled to receive as if you had terminated employment rather than died, and received your benefit as a Qualified Joint and 50% Survivor Annuity. Your spouse’s benefit
will be based on the benefit you had earned as of your date of death and is not offset by your CSPF accrued benefit or any other UPS benefit plan payment.
Payment of a surviving spouse’s benefit will begin on the date that would have been your Normal Retirement Date.
However, your surviving spouse has the option to begin payment on the first day of the month following the date you would have first become eligible for retirement or, if later, the date of your death. Your surviving spouse must make an application to begin payments.
Death Benefit
If you have at least 10 years of Service Credit and die while in Covered Employment, but prior to your Normal Retirement Date (or within two calendar years after becoming an inactive participant), a lump sum death benefit of $10,000 ($4,000 for TCI Participants) will be paid to your surviving spouse. If you have no spouse at your death, the death benefit will be paid to
your dependent children, if any, in equal shares. This death benefit is payable in addition to the 50% Surviving Spouse Benefit described previously.
If You Die After You Retire
Remember, if you die after your monthly retirement benefits have started, benefits will be paid to your spouse or other
beneficiary only if the payment form you elected provides for such benefits.
UPS part time pension
If You Die Before You Retire
If you die before you retire, your spouse or beneficiary may
be entitled to certain benefits, as follows:
Qualified Pre-Retirement Joint
and Survivor Annuity
If you die after you become vested in your Plan benefit but
before your retirement benefit payments begin, your surviving
spouse will receive a monthly benefit from the Plan (called
the Qualified Pre-Retirement Joint and Survivor Annuity). Your
spouse will receive 50% of the benefit you were entitled to
receive if you had terminated employment rather than died,
and received your benefit as a Qualified Joint and Survivor
Annuity. Your spouse's benefit will be based on the Service
Credit you had earned as of your date of death.
Payment of a surviving spouse's benefit will begin on the
date that would have been your Normal Retirement Date.
However, your surviving spouse has the option to begin
payment on the first day of the month following the date you
would have first become eligible for retirement or, if later,
the date of your death. Your surviving spouse must make
an application to begin payments.
Death Benefit
If you are vested, have at least five years of Service Credit,
die while in active employment with any UPS Related
Company (even if not in Covered Employment), are not
married and have not begun receiving your Plan benefit, your
beneficiary will be paid a death benefit equal to:
1) $100
times
2) Your years of Service Credit (up to the maximum number
of years recognized in your Accrued Benefit).
Note: Your beneficiaries are your children, or if you have
none, your estate.
If You Die After You Retire
Remember, if you die after your monthly retirement benefits
have started, benefits will be paid to your spouse or other
beneficiary only if the payment form you elected provides
for such benefits.