In addition to a retirement benefit, your Pension Plan dues provide
additional protection of death and disability benefits as part of the
plan design.*
Death Benefits:
The salary continuation benefit is equal to three times the
annual compensation on which dues are paid (maximum benefit $50,000) for
up to age 60, and two times the annual compensation (maximum benefit
$30,000) for ages 60 and over.
- The surviving spouse pension is 50% of the member’s
pension credits (if not retired) or 50% of the member’s retirement
pension. Members who retire at age 65 or older may alternately elect, at
time of retirement, a 50%, 75% or 100% surviving spouse pension.
- Each surviving child
(full orphan pension, if applicable) is eligible to receive $500 per
month up to age 21. If both mother and father die, all unpaid cash death
benefits are paid to the estate. The amount of the spouse pension is
added to the minor child pensions as a full orphan pension.
- The surviving child educational benefit
is supplemental to the surviving child benefit. Each surviving child is
eligible to receive $5,000 per year for up to 4 years of education
beyond high school.
- The dependent parent benefit
was established for members who are unmarried at the time of death and
have no children under the age of 21, but have a parent who is dependent
upon them for his/her livelihood. The amount of the dependent parent
pension is the same as the amount that would have been allocated to a
surviving spouse.
- The pensioner death benefit of up to a maximum benefit of $10,000 will be paid to the surviving spouse or, if none, to the designated beneficiary.
Disability Benefits:
Your Disability Benefit is your Compensation Base on which Dues were
paid, excluding any amount in excess of $70,000, during the 12 month
period immediately preceding the date of Disability multiplied by:
- 60% for the first 12 months of Disability, and
- 40% for each month of Disability thereafter.
Dues must have been paid for a year immediately prior to becoming
disabled on a monthly salary of $125 or more. All dues are waived during
disability, and pension credits continue to accrue as if full dues were
paid on the annual compensation base used to determine the disability
benefit.
*Available for active members only.