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What other benefits may I be entitled to receive? If you are the named beneficiary, you may be entitled to a one-time Death Benefit payment if the member passed away after retirement, as follows: Programs A, B or C of the 32BJ Pension Fund: $1,000. North Pension: $1,000 or $2,000 (refer to the SPD for more information)
You can nominate one or more persons. Beneficiaries should include your spouse or partner, your children, any person financially dependent on you (a parent or sometimes even your domestic worker) or any person you want to receive a part of your benefit.
A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. The owner must designate the beneficiary under procedures established by the plan.
Program A Benefits A Program A participant may retire with a Regular Pension if he or she (a) has attained age 65 and has at least 294 months of Service Credits; or (b) has attained age 62 at the time of termination from Covered Employment and has at least 300 months of Service Credits.
After you pass away, your pension benefits may continue to your spouse or beneficiary based on the payment option you chose at retirement. If you chose a Joint Survivor option, your spouse will continue to receive a percentage of your benefit for his or her lifetime.
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When a participant in a retirement plan dies, benefits the participant would have been entitled to are usually paid to the participants designated beneficiary in a form provided by the terms of the plan (lump-sum distribution or an annuity).
Beneficiary is any person designated to receive benefits from the Plan upon the death of the Participant. A Participant may designate a pension beneficiary when they apply for pension benefits at retirement.
There are pros and cons to both plans, but pensions are generally considered better than 401(k)s because they guarantee an income for life. A 401(k) can be more aggressively managed by the individual, which could create more growth than is likely from a pension fund.

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