Sample Proposal Letter Template And Specifications Page 7
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10Retirement Plan Proposal: XYZ Corporation
following the Participant’s death.
If the Participant dies before reaching his/her
earliest retirement date, the benefit payable to
the spouse is equal to 50% of that which would
have been payable if the Participant terminated
employment at the earlier of his/her actual
termination of employment or death, survived
until reaching his/her earliest retirement date,
retired on that date with a Qualified 50% Joint &
Survivor Annuity (reduced for optional form and
early retirement if applicable) and died the next
day. Benefits are payable as of the first of the
month following the Participant’s earliest
retirement age.
The spouse may elect to defer commencement of
benefit payments until the Participant’s Normal
Retirement Date.
5. Post-retirement Death Benefit
In accordance with the annuity payment form
in effect.
6. Disability
None provided under this quote.
7. Employee Contributions
None.
8. Cost of Living Adjustment
None.
9. Small Cash-Outs
Accrued benefits with an actuarial equivalent
value of $1,000 or less will be automatically
paid in a lump sum. Automatic small cash-outs
also apply to the present value of $1,000 or less
of a Pre-Retirement Survivor Annuity that may
be payable to a Participant’s surviving spouse.
If the value exceeds $1,000 but is less than or
equal to $5,000, a Participant may elect a lump
sum of his/her benefit.
Retirement Annuities, Retirement Solutions Division
6
Pacific Life Insurance Company, 700 Newport Center Drive, Newport Beach, CA 92660, (800) 800-7646
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