Pension – Beneficiaries
Naming a Beneficiary
If the Life Annuity with a guarantee of 60 monthly payments or 100% Marital Annuity with a guarantee of 60 monthly payments was available to you at retirement and you elected either payment form, you may name anyone as beneficiary to receive any payments remaining in the guarantee period. You can also change your beneficiary at any time.
In the case of the Life Annuity with the 60-payment guarantee, if you are married you may designate your spouse as beneficiary. However, if you wish to designate or change your designation to a non-spouse beneficiary, your spouse must consent to your designation. You can change your beneficiary at any time provided again that you obtain your spouse’s consent. A beneficiary can only be designated by you and your spouse properly completing a waiver form provided by the Plan Office.
In the case of the 100% Marital Annuity with the 60-payment guarantee, you may designate a beneficiary to receive any remaining payments in the event that both you and your spouse die before receiving 60 payments. In this case, you are not required to obtain your spouse’s consent.
If a beneficiary is not named, or if the named beneficiary dies before receiving the full 60 benefit payments under the Life Annuity or 100% Marital Annuity, the remaining payments will be payable to individuals or classes of individuals in the following order:
- surviving spouse,
- surviving children in equal shares,
- surviving beneficiary designated in the Participant’s Union Book, or
- your estate.
If you have named your spouse as beneficiary for the Life Annuity, that designation is automatically revoked if the marriage is dissolved, unless a qualified domestic relations order provides otherwise. You will then need to designate a new beneficiary by completing a new beneficiary designation form. If you wish, you could continue to designate your former spouse as your beneficiary, but must complete a new beneficiary designation form to do so.
|Important: You should be sure that you have a BENEFICIARY CARD on file with the Plan Office and if so, that it is up to date. You may obtain a BENEFICIARY DESIGNATION FORM from the Plan Office or your local Union office.|
Use this form to designate or change your beneficiary.