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Pensioners-Death-Benefit

Pensioners Death Benefit Plan

For those qualified retired ministers receiving monthly benefits from the Basic Pension Plan, the Church of the Nazarene provides life insurance coverage of 18 times the standard net benefit payable to them under the Basic Pension Plan. Like the Pastor’s Life Insurance Plan, this benefit is made possible because of contributions from churches and districts to the Nazarene Pensions and Benefits USA Fund.

Who is Eligible to Participate in This Plan?

Each person who is a member of a U.S. district, who is

  • an ordained or district-licensed minister currently receiving a monthly retirement benefit from the Basic Pension Plan portion of the Nazarene Single Defined Benefit Plan, OR
  • an ordained or district-licensed minister currently age 70½ or over who is fully vested for a benefit from the Basic Pension Plan portion of the Nazarene Single Defined Benefit Plan but has not yet chosen to start receiving said benefit.

What Are the Benefits Under This Plan?

The Pensions and Benefits Fund provides each eligible person with a benefit which is 18 times the standard net* benefit payable to them under the Basic Pension Plan. Upon the approval of your Basic Pension Plan benefit, you will have 30 days to choose one of the following options:

  • coverage for yourself only - the full benefit is paid to your beneficiaries, OR
  • coverage for you and your spouse - 2/3 of the benefit is paid at your death and 1/3 is paid at the death of your spouse.

* The net benefit is equal to the participant's own Basic Pension Plan monthly "standard" retirement benefit amount minus the "offset" attributable to Pensions and Benefits Fund contributions to the participant's account under the Nazarene 403(b) Retirement Savings Plan.

Schedule of Coverage

Years
of
Service
Maximum
Death
Benefit
Years
of
Service
Maximum
Death
Benefit
Years
of
Service
Maximum
Death
Benefit
Years
of
Service
Maximum
Death
Benefit
1
2
3
4
5
6
7
8
9
10
11
12
13
198.00
396.00
594.00
792.00
990.00
1,188.00
1,386.00
1,584.00
1,782.00
1,980.00
2,188.89
2,399.76
2,612.70
14
15
16
17
18
19
20
21
22
23
24
25
26
2,827.44
3,044.34
3,263.04
3,483.90
3,706.56
3,931.38
4,158.00
4,386.78
4,617.36
4,850.10
5,084.64
5,321.34
5,559.84
27
28
29
30
31
32
33
34
35
36
37
38
39
5,800.50
6,042.96
6,287.58
6,534.00
6,782.58
7,032.96
7,285.50
7,539.84
7,796.34
8,054.64
8,315.10
8,577.36
8,841.78
40
41
42
43
44
45
46
47
48
49
50
9,108.00
9,376.38
9,646.56
9,918.90
10,193.04
10,469.34
10,747.44
11,027.70
11,309.76
11,593.98
11,880.00
This chart only illustrates the benefits possible under the plan. It assumes no "offset" attributable to Pensions and Benefits Fund contributions to the participant's account under the Nazarene 403(b) Retirement Savings Plan. Your own benefit may be different than what is illustrated here based on the formula and any "offset" that is in effect at the time of the claim.

How Can I Enroll in This Plan?

You are automatically enrolled at the time all eligibility requirements are met, as noted above.

When Does My Coverage Start?

Your coverage will start once all eligibility requirements are met, as noted above.

Do I Have to Wait to Be Covered?

There is no waiting period.

Important Features and Limitations to the Plan

Conversion: If you are no longer eligible for coverage, you have the opportunity to purchase an individual conversion life insurance policy within 31 days of your termination of coverage.

This Summary of Benefits explains the general purpose of the insurance described, but in no way change or affect the policy as it is actually issued. In the event of any discrepancy between any of these documents and the policy, the terms of the policy apply. To receive more details or to ask additional questions please contact the Pensions and Benefits office.

Policy Effective Date: January 1, 2009

Files:
Choosing Your Life Insurance Beneficiary 64.39 KB

Beneficiary Change/Designation Form 631 KB