| Normal Death Benefit |
The Normal Death Benefit is payable for participants who have:
- at least 2 Qualified Years, and
- at least $200 in Employer contributions,
and have
- not vested at the time of death, regardless of marital status, or
- vested and not been married for at least one year, (or a Qualified Domestic
Partnership was on file with the Producer-Writers Guild of America Pension
Plan less than one year as of the date of death).
Benefit Amount
Normal Death Benefit is equal to 100% of the Employer contributions made
on the Participant’s behalf (ignoring contributions on compensation over the
401(a)(17) tax limits on compensation). If the Participant has over 20 Qualified
Years, the Normal Death Benefit is equal to 100% of the Employer contributions
made on the Participant’s behalf plus 28.3% of such Employer Contributions for
each Qualified Year over 20 up to a maximum of an additional 141.5% (or total
of 241.5%).
Payable to Whom
Normal Death Benefit is payable to the Participant’s designated beneficiary
under the Pension Plan. If the Participant does not have a valid beneficiary
designation, then the benefit would be payable to the Participant’s estate or
living trust. If the Participant does not have an estate or living trust, then
the Participant’s beneficiary would be determined according to Plan rules.
Payment Options
The Normal Death Benefit will be paid as a lump sum. If the benefit is $15,000
or greater, the Participant’s beneficiary can choose to receive the lump sum
in installments over a period of 5, 10, 15, or 20 years (based on specified
factors at 7% interest). If the beneficiary dies before the installment payments
are completed, the remaining unpaid installments will be paid in a lump sum
to the beneficiary’s estate or heirs at law.
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