PENSION PLAN DEATH BENEFITS
Pre-Retirement Pension Plan Death Benefits for an Active Participant
Eligibility Requirements
- Active Participant at death
- No age requirement
- Terminated Covered Employment by death before retirement
- No surviving spouse or married less than one year
Vesting Requirements
- Must be vested in Accrued Monthly Pension
Death Benefits Payable to Beneficiary
- Beneficiary will receive a single sum payment equal to 60 times the Participant’s Accrued Monthly Pension on the date of his or her death.
Eligibility Requirements
- Active Participant at death
- Death prior to Normal Retirement Age
- Terminated Covered Employment by death before retirement
- Must leave a surviving spouse to whom Participant was married for at least one year
Vesting Requirements
- Must be vested in Accrued Monthly Pension
Death Benefits Payable to Spouse
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Spouse will receive monthly pension payments for lifetime based upon one-half of Participant’s Accrued Monthly Pension adjusted for the age difference between the Participant and spouse.
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If the spouse does not survive to receive at least 120 monthly payments, the remaining balance of the 120 payments will be paid to the next beneficiary in a single-sum.
Eligibility Requirements
- Active Participant at death
- Death after attaining Normal Retirement Age
- Terminated Covered Employment by death before retirement
- Must leave a surviving spouse to whom Participant was married for at least one year
Vesting Requirements
- Must be vested in Accrued Monthly Pension
Death Benefits Payable to Spouse
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Spouse may elect to receive monthly pension payments for lifetime based upon 100% of Participant’s Accrued Monthly Pension.
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No benefits will be paid after the spouse’s death.
*If you pass away while you are performing Qualified Military Service, your beneficiary will be eligible for Pre-Retirement Death Benefits for Active Participants.
Post-Retirement Pension Plan Death Benefits
For deaths which occur on or after January 1, 2023, if you were a retiree who was receiving a Normal, Early, or Disability Retirement Pension, your beneficiary shall receive a single sum post retirement death benefit equal to $10,000.
If you are a Grandfathered PHL Participant who retired prior to January 1, 2023 with a Normal, Early or Disability pension, your single sum post-retirement death benefit shall be no less than the sum of A and B below:
A. Pension Death Benefit of:
- $6,000, if you had completed 20 or more years of Credited Service,
- $3,000, if you had completed at least 10, but less than 20 years of Credited Service, or
- $0, if you had completed less than 10 years of Credited Service.
B. 60 guaranteed monthly payments, minus monthly payments already received, but always an amount equal to at least 12 times your Accrued Monthly Pension as of your retirement date.