Sznewajs
Sznewajs v. U.S. Bancorp Amended and Restated Supplemental Benefits Plan
Opinion
Opinion
I. Background
As an employee covered by U.S. Bancorp’s plan for top executives, Robert had the option to select a single life annu- ity or a joint and survivor annuity. Under a single life annuity, payments would be made monthly to him as long as he lived but no payments would be made to anyone after his death. Under a joint and survivor annuity, the amount of the monthly payments would be smaller, but if his wife lived longer than he did, payments to her would continue after his death. The total present value of the benefits was intended to be the same either way. The specific amount of the monthly payments would be determined by an actuarial calculation that took into account his selection and also the remaining life expectancy 1 Because they share the same last name, in this opinion we refer to Rob- ert, Franciene, and Virginia by their first names. 8724 SZNEWAJS v. U.S. BANCORP of Robert — and that of his wife, if he chose a survivor annu- ity — based on their ages at the time that payments started. Robert opted for a joint and survivor annuity. His election, on a form signed by him, did not identify the name of his spouse.