DEATH BEFORE RETIREMENT
If you die before age 55 a death benefit is payable equal to the value of the pension you had accumulated to the time of your death. If you were married or party to a common-law relationship at the time of your death, the death benefit will be paid to your Spouse in the form of a deferred pension commencing when your Spouse reaches age 65.
Your Spouse may elect to transfer the benefit to another plan, provided such Plan meets certain requirements. If there is no surviving Spouse, the death benefit will be paid in a lump sum to your designated beneficiary or, if you have not designated a beneficiary, to your estate.
If you die before retirement but at or after age 55 and you had a Spouse, you will be assumed to have elected to retire upon the last day of the month in which you died and your Spouse will be entitled to the benefits which would have been paid had you retired and then died. The benefit to your Spouse is a pension equal to 60% of the reduced pension you would have received had you retired and elected the joint and survivor 60% type pension. If you do not have a Spouse, a lump sum benefit will be paid to your beneficiary or estate equal in value to the pension which would have been paid had you been survived by a Spouse.
Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231