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What Death Benefits Are Available?

If you die after distribution of your Individual Account balance has begun, the death benefits will depend upon the form of payment you previously elected.

If you die before distribution of your Individual Account has begun, your Account will be distributed to your beneficiary as described below.

If you are married, your beneficiary will be your spouse, unless your spouse has provided written and notarized consent to the designation of another person as your beneficiary. If your Individual Account is greater than $5,000, payment will be made in the form of a lifetime annuity with monthly payments to your spouse for life.
Instead of a lifetime annuity, your spouse may elect a single lump sum distribution which in almost all cases can be taken in the form of an eligible rollover distribution. If your Individual Account balance is $5,000 or less, it will be paid to your surviving spouse in a lump sum but may be taken in the form of an eligible rollover distribution.

If you are not married, the beneficiary you have designated with the Plan will receive benefits in the form of a single lump sum distribution. An eligible rollover distribution may or may not be available to your designated beneficiary.

If an unmarried Participant has not designated a beneficiary, payment will be made to the person or persons in the first of the following classes in which members of the class survive the Participant:

  1. Children
  2. Parents
  3. Brothers and sisters

If no, such preference beneficiaries survives a Participant, then the Participant’s Individual Account shall be distributed to the Participant’s estate in accordance with applicable State law.