22 \\ Benefits for Survivors BENEFITS FOR SURVIVORS IF YOU DIE BEFORE RETIREMENT To help you protect your spouse or other survivors, certain forms of payment available under the National Pension Fund provide bene- fits for survivors when you die after retirement. The Fund also offers protection for your survivors if you die before retirement. SPOUSE PRERETIREMENT DEATH BENEFIT If you are married and die before you retire, your spouse will be eligible for a spouse preretirement death benefit if the following conditions are met: › You have met the service requirements for a normal, early retirement, 30 and Out, 20 and Age 62, or vested deferred pension before you die. › You and your spouse have been married to each other throughout the 12-month period ending with your death. If you are married and die before you retire, payments to your spouse can be effective the first of the month following receipt of your spouse’s application for benefits. Your spouse may defer receiving this benefit until a future date, but no later than the end of the calendar year in which you would have been 72 years old (or 70½ years old if you reached age 70½ before January 1, 2020). The amount of this benefit will be a monthly lifetime payment to your spouse calculated as if you had retired on a 100% Joint and Survivor Pension (50% Joint and Survivor Pension if the partici- pant died before April 17, 2019). The benefit is based on your age on the effective date of your spouse’s benefit. If the benefit is to be paid before you would have reached age 55 and you had not become eligible for the 30 and Out pension benefit, the benefit amount will be determined as if you had reached age 55. You do not need to elect this benefit during your lifetime. Your spouse must, however, apply for this benefit after your death by filing an application with the Fund Office. Benefits to your spouse cannot be paid for any period before the first of the month after a completed application is received by the Fund Office. If the actuarial present value of the spouse preretirement death benefit is $5,000 or less, the Trustees will automatically pay your spouse a single cash payment. To be eligible for the spouse preretirement death benefit you must have at least one hour of service under the National Pension Fund or a prior plan on or after September 2, 1974. PRERETIREMENT DEATH BENEFIT FOR UNMARRIED PARTICIPANTS COVERED BY THE PREFERRED SCHEDULE OR GRANDFATHERED PARTICIPANTS: 60 PAYMENTS If you are a vested participant who is covered by the Preferred Sched- ule or a Grandfathered Participant and you die before retirement, your beneficiary or beneficiaries will be eligible for a monthly pre- retirement death benefit if you are unmarried or were not married throughout the 12-month period ending on your date of death (if you were married throughout the 12-month period ending on the date of your death, the spouse preretirement benefit is payable in- stead). This benefit, which is payable for 60 months, is equal to the normal pension amount you would have received had you retired the day before your death. It is payable beginning the first day of the month following the receipt of your beneficiary’s application. DESIGNATING YOUR BENEFICIARY If you are unmarried, it is important that you designate a beneficiary — the person or persons who will receive this 60-payment death ben- efit when you die. A beneficiary designation form can be found at the rear of this booklet or can be downloaded from the Fund website at www.iamnpf.org. You may also designate or update your beneficiary designation online at www.iamnpf.org. Your completed, form must be on file at the Fund Office to be valid. There is no limit on the number of beneficiaries you may designate. If you do not name a beneficiary, or if your last surviving beneficia- ry has died before all 60 monthly payments are made, your death benefits will be paid to the persons listed below in the order and manner listed: › To your surviving spouse (that is, to whom you were mar- ried for less than 12 months) › If no surviving spouse, to your surviving children, divided equally › If no surviving spouse or children, to your surviving par- ents, divided equally › If no surviving spouse, children, or parents, to your surviv- ing siblings, divided equally For the purposes of this section, “children” or “surviving children” means your surviving biological or legally adopted children.