Alternative Death Benefit Election Sample Clauses

Alternative Death Benefit Election. A Participant (or the Participant’s Assignee, if the Participant has assigned his or her Policy interest) may elect to receive an Alternative Death Benefit in lieu of the insurance benefit provided under the Plan. The Alternative Death Benefit shall be paid by TRW from the general funds of TRW, and shall not constitute an insurance benefit. It shall be paid by TRW to the Participant’s (or Assignee’s) beneficiary at the time the Participant’s insurance benefit would have been paid (at the Participant’s death for single life coverage, or at the death of the survivor of the Participant and the Participant’s Co-Insured for survivorship coverage). The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary or beneficiaries of the Participant (or Assignee) shall receive the Alternative Death Benefit only, and shall not be entitled to receive any portion of any death benefits which become payable under the Participant’s Policy, and the Participant (or Assignee) shall cooperate with TRW in effecting a change of beneficiary of the Participant’s Policy to achieve such result. An election under this Section may be revoked. Any election (or revocation of an election) shall be in writing and shall be effective when received by TRW. A Participant (or Assignee) shall not be limited in the number of times an Alternative Death Benefit Election can be made (or revoked).
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Alternative Death Benefit Election. The person or entity designated as ------------------------------------ Elector in this Section may elect a death benefit payment from the Company in lieu of the insurance benefit provided under this Agreement. The Elector can make such an election (the "Election") in writing in a form acceptable to the Company. At the time the Election is made, the Owner shall transfer the ownership of the Policy to the Company. Thereafter, notwithstanding any provisions of Section 7 to the contrary, the entire Policy death benefit shall be payable to the Company, and no portion of such Policy death benefit shall be payable to the Owner's beneficiary(ies). Within thirty (30) days after it receives the Policy death benefit while the Election is in effect, the Company shall pay an amount (the "Payment Amount") to the Owner such that (1) and (2) below are equal amounts: (1) The additional Policy death benefit amount received by the Company (the amount in excess of the amount that would have been received by the Company if the Election was not in effect for the Policy), reduced by any taxes payable by the Company as a result of receiving the additional Policy death benefit amount. (2) The Payment Amount, reduced by any tax savings recognized by the Company (as determined by the Company) as a result of paying the Payment Amount. The Owner shall designate the beneficiary(ies) to receive the payment provided under this Section using a form provided by the Company. Any payment made by the Company to the Owner's beneficiary(ies) pursuant to this Section shall be paid from the general funds of the Company, and shall not be considered to be a payment of a life insurance benefit. The Company's obligation to pay the Payment Amount is in the nature of an unsecured and unfunded promise to pay. The Election under this Section shall be effective when any necessary documentation is submitted to and accepted by the Insurer. The Owner and the Company will promptly submit any required forms or documents to the Insurer when the Election is made. If the Company becomes the owner of the Policy pursuant to this Section, the Company shall not thereafter surrender in whole or in part, reduce the face amount of, withdraw cash value from, borrow from, or otherwise encumber the Policy without the written consent of the Owner. The Elector may revoke an Election, and may thereafter again make (or revoke) an Election. The Elector shall be --------------------; if --------------- is unable or unwilling to...
Sample 1
Alternative Death Benefit Election. Each Assignee may elect an Alternative Death Benefit under this Agreement in lieu of the insurance benefit provided under the Policy. Any such election shall be filed with the Company in such form as may be prescribed by the Company. The Alternative Death Benefit shall be paid by the Company from the general funds of the Company, and shall not constitute an insurance benefit. It shall be paid by the Company to each Assignee's beneficiary(ies) at the time the Participant's insurance death benefit would have been paid (at the death of the survivor of the Participant and His Spouse). The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary(ies) of each Assignee shall receive only the Alternative Death Benefit, and shall not be entitled to receive any portion of any death benefits that would become payable under the Policy, and the Assignees shall cooperate with Company in effecting a change of beneficiary of the Policy to achieve such result. An Alternative Death Benefit Election (or an election to revoke such an election) shall be effective when any necessary documentation is submitted to and accepted by the Insurer. The Company will promptly submit any required forms or documents to the Insurer when an Alternative Death Benefit Election is made or revoked.
Sample 1
Alternative Death Benefit Election. A Participant (or Assignee) may elect to receive an Alternative Death Benefit in lieu of the insurance benefit provided under the Plan. The Alternative Death Benefit shall be paid by Mattel from the general funds of Mattel, and shall not constitute an insurance benefit. It shall be paid by Mattel to the Participant’s (or Assignee’s) beneficiary at the Participant’s death. The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary or beneficiaries of the Participant (or Assignee) shall receive the Alternative Death Benefit only, and shall not be entitled to receive any portion of any death benefits that become payable under the Participant’s Policy, and the Participant (or Assignee) shall cooperate with Mattel in effecting a change of beneficiary of the Participant’s Policy to achieve such result. An election under this Section may be revoked. Any election (or revocation of an election) shall be in writing and shall be effective when received by Mattel. A Participant (or Assignee) shall not be limited in the number of times an Alternative Death Benefit Election can be made (or revoked).
Sample 1
Alternative Death Benefit Election. A Participant (or Assignee) may elect to receive an Alternative Death Benefit in lieu of the insurance benefit provided under the Plan. The Alternative Death Benefit shall be paid by Company from the general funds of Company, and shall not constitute an insurance benefit. It shall be paid by Company to Participant's (or Assignee's) beneficiary(ies) at the time Participant's death benefit would have been paid (at Participant's death for single life coverage, or at the death of the survivor of the Participant and the Participant's spouse for survivorship coverage). The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary(ies) of the Participant (or Assignee) shall receive only the Alternative Death Benefit, and shall not be entitled to receive any portion of any death benefits that would become payable under the Participant's Policy, and the Participant (or Assignee) shall cooperate with Company in effecting a change of beneficiary of the Participant's Policy to achieve such result.
Sample 1
Alternative Death Benefit Election. Each Assignee may elect an Alternative Death Benefit in lieu of the insurance benefit provided under the Policy. Any such election shall be filed with the Company in such form as may be prescribed by the Company. The Alternative Death Benefit shall be paid by the Company from the general funds of the Company, and shall not constitute an insurance benefit. It shall be paid by the Company to the Assignee’s beneficiary(ies) at the time the Participant’s insurance death benefit would have been paid (at the death of the survivor of the Participant and His Spouse). The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary(ies) of each Assignee shall receive only the Alternative Death Benefit, and shall not be entitled to receive any portion of any death benefits that would become payable under the Policy, and the Assignees shall cooperate with the Company in effecting a change of beneficiary of the Policy to achieve such result. An Alternative Death Benefit Election (or an election to revoke such an election) shall be effective when any necessary documentation is submitted to and accepted by the Insurer. The Company will promptly submit any required forms or documents to the Insurer when an Alternative Death Benefit Election is made or revoked.
Sample 1
Alternative Death Benefit Election. A Participant (or the Participant's Assignee, if the Participant has assigned his or her Policy interest) may elect to receive an Alternative Death Benefit in lieu of the insurance benefit provided under the Plan. The Alternative Death Benefit shall be paid by TRW from the general funds of TRW, and shall not constitute an insurance benefit. It shall be paid by TRW to the Participant's (or Assignee's) beneficiary at the time the Participant's insurance benefit would have been paid (at the Participant's death for single life coverage, or at the death of the survivor of the Participant and the Participant's Co- Insured for survivorship coverage). The amount of the payment shall be equal to the Alternative Death Benefit
Sample 1
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Alternative Death Benefit Election. Following the termination of a Participant's obligation to pay Premiums under Section 5.02, a Participant (or the Participant's Assignee, if the Participant has assigned his or her Policy interest) may elect to receive an Alternative Death Benefit in lieu of the insurance benefit provided under the Plan. The Alternative Death Benefit shall be paid by Lear from the general funds of Lear, and shall not constitute an insurance benefit. It shall be paid by Lear to the Participant's (or Assignee's) beneficiary at the time the Participant's death benefit under the Policy would have been paid. The amount of the payment shall be equal to the Alternative Death Benefit Amount. As long as an Alternative Death Benefit Election is in effect, the beneficiary or beneficiaries of the Participant (or Assignee) shall receive the Alternative Death Benefit only, and shall not be entitled to receive any portion of any death benefits which become payable under the Participant's Policy, and the Participant (or Assignee) shall cooperate with Lear in effecting a change of beneficiary of the Participant's Policy to achieve such result. An election under this Section may be revoked. Any election (or revocation of an election) shall be in writing and shall be effective when received and acknowledged by Lear, and when the necessary Policy documentation has been completed in accordance with the procedures of the Insurer. A Participant (or Assignee) shall not be limited in the number of times an Alternative Death Benefit Election can be made (or revoked).
Sample 1

Related to Alternative Death Benefit Election

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

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