A married worker can choose a spousal benefit option in which the worker gets a reduced benefit while alive and the surviving spouse continues to receive benefits after the worker’s death. If the union pension annuity has a lump sum payout provision, workers can take a single cash payout.

What is the definition of a union pension annuity?

A union pension annuity is a defined-benefit pension plan regulated under the Employee Retirement Income Security Act.

Is the National Electrical annuity plan a website?

This website cannot cover all of the details of the Plan; it is an overview. The Plan governs all questions concerning benefits, rights and responsibilities under the Plan. In the event of a conflict between the website and the Plan, the Plan will govern.

How to update your New York Life account?

You can manage your policies, update beneficiaries, and more. Your account is locked. Please call 1 (800) 326-9986 for assistance. We’re available to help Monday to Friday, 9 am to 7 pm EST. We use performance and functionality cookies to provide a more personalized experience on our site.

Is the spouse of an employee eligible for an age and Service Annuity?

A spouse of an employee receiving an age and service annuity (or a spouse of a disability annuitant who is otherwise eligible for an age and service annuity) is eligible for a spouse annuity at any age if caring for the employee’s unmarried child, and the child is under age 18 or a disabled child of any age who became disabled before age 22. 5.

How are Railroad Retirement spouse annuities computed?

1. How are railroad retirement spouse annuities computed? Regular railroad retirement annuities are computed under a two-tier formula. The spouse annuity formula is based on certain percentages of the employee’s tier I and tier II amounts.