POLICY NUMBER: 3. 6. 6

Effective Date: February 1, 1996
Date Issued: December 15, 1995
Date Approved by Board of Directors: March 2, 1995
Topic: Payment Where Intended Recipient Dies After Becoming Eligible for Payments
Section: Short-Term and Long-Term Benefits
Subsection: Annuities

Policy Statement

1. When a person for whom an annuity account has been established becomes eligible to receive annuity payments the Board shall pay the accumulated annuity account (capital and interest) as a lump sum if less than the amount established by regulation, pursuant to Section 52(1)(b) [$10,000], unless the person elects otherwise.

2. In the event of the recipient's death after becoming eligible for annuity payment, the annuity account shall be paid to any person designated by the recipient in a manner satisfactory to the Board. The payment shall be made as a lump sum unless the designated person elects otherwise.

3. If there is no such designation made, the annuity account shall be paid to the surviving spouse or, if there is no surviving spouse, to the dependent children (if any). The payment shall be made as a lump sum unless the spouse/children (as applicable) elect otherwise.

Application

This Policy applies to workers injured on or after March 23, 1990.

References

Workers' Compensation Act (Chapter 10, Acts of 1994 - 95), Section 57.