Survivor Benefits

Silver Thatch includes some important provisions to protect the survivors of an employee.

Death before retirement
If an employee has a spouse and dies before receiving retirement benefits, the employee’s Silver Thatch investments will be re-registered in the name of the spouse. The spouse will be entitled to the same benefits that would have been available to the employee (see Benefit Options). However, the spouse will not be able to elect a benefit option or start drawing a retirement income until eligible to retire (i.e., at least age 50).

If the employee does not have a spouse and dies before starting to receive retirement benefits, his/her Silver Thatch investments can be cashed in by the employee’s personal or estate representative. The representative must complete a Request for Payment by Personal Representative Form, available from the client services agent. The value of the investments will be determined as of the contribution date on or immediately following acceptance of the form by the Trustees.

Death after retirement
If the employee dies after retirement and has a spouse and/ or dependent children, some or all of them will be entitled to certain benefits. What benefits are payable – and to whom – will depend on the benefit option selected by the employee at retirement.

If the employee chose an annuity, that annuity will provide a lifetime benefit to the spouse and/or dependent children after the employee’s death. In the case of the dependent children, the money will be held in trust.

If the employee chose a retirement income fund, his/her Silver Thatch investments will be re-registered in the spouse’s and/or dependent children’s name. The spouse and/or dependent children will receive the income that would have been paid to the employee. In the case of the dependent children, the money will be held in trust.

If the employee dies after retirement and does not have a spouse and/or dependent children, the benefits payable will depend on the option the employee selected at retirement.

If the employee chose an annuity, chances are no further benefits will be payable. (There is one exception. If the employee elected an annuity that is payable for a minimum period and dies within that period, some benefits may still be payable.)

If the employee chose a retirement income fund, his/her remaining Silver Thatch investments can be cashed in by the employee’s personal or estate representative. The representative must complete a Request for Payment by Personal Representative Form, available from the client services agent. The value of the investments will be determined as of the contribution date on or immediately following acceptance of the form by the Trustees.