Death Benefits

If You Die Before CRP Benefits Begin

If you die before benefit payments from CRP have begun, your beneficiary is entitled to the full value of the vested portion of your retirement savings account. Your beneficiary may select any payment option offered by the investment company so long as the payment option is in compliance with federal law. However, if you are married, your spouse is entitled to receive a lifetime annuity that is at least the actuarial equivalent of 50% of the vested portion of your retirement savings account unless your spouse previously consented to your waiver of spousal death benefits as described below.

Spousal Rights to CRP Death Benefits

Your spouse has special rights under CRP. Under CRP, your spouse automatically is your sole beneficiary unless you complete a valid beneficiary designation naming another or other beneficiaries. If you wish to designate a beneficiary other than your spouse, your spouse must consent to that designation in writing. Your spouse’s written consent must be notarized or signed in the presence of a Benefits Office representative. You generally must be at least 35 years old or have terminated employment before you can waive spousal death benefits under CRP.

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.