Death Benefits – Eastern Atlantic States Carpenters Benefit Funds

PENSION FUND

PENSION PLAN DEATH BENEFITS

Pre-Retirement Pension Plan Death Benefits for an Active Participant

Pre-Retirement Beneficiary Benefit

(No surviving spouse or married less than a year)

Death Benefit Payable to Beneficiary

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.

Pre-Retirement Spouse Benefit

(Death prior to Normal Retirement Age)

Death Benefit Payable to Spouse

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

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.
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.

Pre-Retirement Spouse Benefit

(Death after Attaining Normal Retirement Age)

Death Benefit Payable to Spouse

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

Spouse may elect to receive monthly pension payments for lifetime based upon 100% of Participant’s Accrued Monthly Pension.
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

If you pass away in or after the first month for which your pension is payable, your death benefits depend on the form of payment that you selected at retirement.

Death occurs on or after January 1, 2023

Grandfathered PHL Participant retired prior to January 1, 2023

Death occurs on or after January 1, 2023

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.

Grandfathered PHL Participant retired prior to January 1, 2023

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.

Request a Pension Statement

You can request a Pension Statement once per year to view your accrual total

Submit Your Request