1. Death Benefits. If the employer elects not to provide death benefits under Part VII-1 of the Joinder, the benefit payable upon the death of a participant prior to retirement or other termination of employment shall be limited to a refund of his accumulated contributions, as set forth in § 422(2). If the employer elects, in Part VII-2 of the Joinder, to provide death benefits under the plan, such death benefits shall be provided in accordance with this Section.
2. Preretirement Death Benefits Payable Beneficiary. If the employer elects, under Part WI-2(A) of the Joinder, to provide the death benefit set forth in this subsection, then such benefit shall be payable in the event of the death of a participant who is killed in service prior to the time when he would otherwise be eligible to retire and receive retirement benefits hereunder. In the event such a benefit becomes payable, the designated beneficiary of the participant, or, if no designated beneficiary survives, the participant's estate shall receive a benefit in an amount agreed to and authorized by the employer and specified in Part VII-2 of the Joinder. Such death benefit shall be in lieu of any refund of accumulated contributions to which the deceased participant may have been entitled; provided, however, that in the event the amount of the participant's accumulated contributions exceeds the amount of death benefit payable in accordance with the preceding sentence, then such participant's death benefit shall be equal to the amount of his accumulated contributions. In no event will a participant or his beneficiaries be eligible to receive both the benefit described in this subsection and the benefit described in subsection (3), below.
3. Surviving Spouse Benefit. If the employer elects, under Part VII-2(B) of the Joinder, to provide the survivors benefit set forth in this subsection, then such benefit shall be payable in the event of the death of a participant who is eligible to receive or is receiving retirement benefits under the plan. In such event, the spouse of the deceased participant, or, if no spouse survives or if the spouse survives and subsequently remarries, then the child or children of the participant who are under the age of 18, shall, during the spouse's lifetime (or so long as the spouse does not remarry in the case of the spouse) or until reaching the age of 18 in the case of a child or children, receive a monthly income calculated at the rate of 50% of the monthly retirement benefit which the participant was receiving or would have been receiving had he been retired at the time of his death. In no event will a participant or his beneficiaries be eligible to receive both the benefit described in this subsection and the benefit described in subsection (2), above.
4. Payment of Survivor Benefits. Survivor payments shall be made monthly as of the first day of each month. The first installment of any benefit payable to a survivor shall be payable on the first day of the month next following the date of death.
(Ord. 253, 2/3/1997, Master Trust Document, Art. VII)