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UPS Retirement Topics
Dying and pension?
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<blockquote data-quote="saintrick" data-source="post: 1283624" data-attributes="member: 29276"><p><strong>Full time UPS/IBT plan.</strong></p><p></p><p><strong>If You Die Before You Retire</strong></p><p>If you die before you retire, your spouse or beneficiary may be entitled to certain benefits, as follows:</p><p>50% Surviving Spouse Benefit</p><p>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</p><p>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.</p><p>Payment of a surviving spouse’s benefit will begin on the date that would have been your Normal Retirement Date.</p><p>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.</p><p><strong>Death Benefit</strong></p><p>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</p><p>your dependent children, if any, in equal shares. This death benefit is payable in addition to the 50% Surviving Spouse Benefit described previously.</p><p><strong>If You Die After You Retire</strong></p><p>Remember, if you die after your monthly retirement benefits have started, benefits will be paid to your spouse or other</p><p>beneficiary only if the payment form you elected provides for such benefits.</p><p></p><p><strong>UPS part time pension</strong></p><p></p><p><strong>If You Die Before You Retire</strong></p><p>If you die before you retire, your spouse or beneficiary may</p><p>be entitled to certain benefits, as follows:</p><p>Qualified Pre-Retirement Joint</p><p>and Survivor Annuity</p><p>If you die after you become vested in your Plan benefit but</p><p>before your retirement benefit payments begin, your surviving</p><p>spouse will receive a monthly benefit from the Plan (called</p><p>the Qualified Pre-Retirement Joint and Survivor Annuity). Your</p><p>spouse will receive 50% of the benefit you were entitled to</p><p>receive if you had terminated employment rather than died,</p><p>and received your benefit as a Qualified Joint and Survivor</p><p>Annuity. Your spouse's benefit will be based on the Service</p><p>Credit you had earned as of your date of death.</p><p>Payment of a surviving spouse's benefit will begin on the</p><p>date that would have been your Normal Retirement Date.</p><p>However, your surviving spouse has the option to begin</p><p>payment on the first day of the month following the date you</p><p>would have first become eligible for retirement or, if later,</p><p>the date of your death. Your surviving spouse must make</p><p>an application to begin payments.</p><p><strong>Death Benefit</strong></p><p>If you are vested, have at least five years of Service Credit,</p><p>die while in active employment with any UPS Related</p><p>Company (even if not in Covered Employment), are not</p><p>married and have not begun receiving your Plan benefit, your</p><p>beneficiary will be paid a death benefit equal to:</p><p>1) $100</p><p>times</p><p>2) Your years of Service Credit (up to the maximum number</p><p>of years recognized in your Accrued Benefit).</p><p>Note: Your beneficiaries are your children, or if you have</p><p>none, your estate.</p><p><strong>If You Die After You Retire</strong></p><p>Remember, if you die after your monthly retirement benefits</p><p>have started, benefits will be paid to your spouse or other</p><p>beneficiary only if the payment form you elected provides</p><p>for such benefits.</p></blockquote><p></p>
[QUOTE="saintrick, post: 1283624, member: 29276"] [B]Full time UPS/IBT plan.[/B] [B]If You Die Before You Retire[/B] 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. [B]Death Benefit[/B] 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. [B]If You Die After You Retire[/B] 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. [B]UPS part time pension[/B] [B]If You Die Before You Retire[/B] 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. [B]Death Benefit[/B] 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. [B]If You Die After You Retire[/B] 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. [/QUOTE]
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