Viewing page 62 of 127

This transcription has been completed. Contact us with corrections.

- 21 -

annuity is one-half of the "insurance amount". Lump sum benefits are 8 times the "insurance amount".
The fourth step in the process is the calculation of the individual benefit by applying the appropriate percentage to the "insurance amount". This will be the final step in the process unless certain maximum and minimum limitations are applicable. These limitations are explained in Questions 52 to 55.

44. Q. For a pilot whose average monthly remuneration is $722.50 and who received $750 or more in each of 10 years, what would the several benefits be?
A. The insurance amount, as explained, would be $95.98. The benefit to the widow would be 75 per cent of $95.98 or $71.99 per month. The child's or parent's monthly benefit would be $47.99. If there are a widow and two children, the total family benefit would be $167.97 per month. In the case of a widow with one child, the benefit would be $119.98 per month. For two parents or two children whose mother was not living, the total monthly benefits would be the same as the insurance amount or $95.98. The lump sum benefit would be $767.84 (8 x $95.58)

45. Q. Suppose I am a pilot who retires in 1958, and my insurance amount then is $95.98. As I understand it, I would receive $200 a month. Suppose I live 20 years and then die, leaving a widow who is then 62 years old. Will she then begin to receive the widow's annuity?
A. Yes. She will be immediately entitled to receive $71.99 a month.

46. Q. Suppose when I die my widow is only 58 and there are no minor children. What happens in such a case?