Beneficiary election. Permits a Beneficiary following the Participant’s death to make change payment elections.
Beneficiary election. If the Participant under Section 6.01(B) had not elected the payment method or payment term, the Participant's Beneficiary must elect the method of distribution no later than the date specified above upon which the Trustee must commence distribution to the Beneficiary. If the Beneficiary fails to elect timely a distribution method, the Plan Administrator must commence distribution within the time required for a Participant who dies without a designated Beneficiary.
Beneficiary election. The Designated Beneficiary may elect application of the 5-year rule or the Life Expectancy rule. If the Beneficiary does not make a timely election (Select one of (1) or (2)):
Beneficiary election. I hereby designate the following individuals as my “Beneficiary” and I am aware that I can subsequently change such designation in writing by submitting to the Administrator, at any subsequent time, and in substantially the same form hereto, a written designation of the primary and secondary Beneficiaries to whom payment under this Plan shall be made in the event of my death prior to complete distribution of the benefits due and payable under the Plan. I understand that any Beneficiary designation made subsequent to execution of this Joinder Agreement shall become effective only when receipt thereof is acknowledged in writing by the Administrator. SECONDARY BENEFICIARY:
Beneficiary election. I understand that, in the event of my death, any amount to which I am entitled under the Agreement will be paid to the beneficiary designated by me or, if none, to my surviving spouse or, if none, to my surviving children, or if none, to my estate. I further understand that the last beneficiary designation filed during my lifetime revokes all prior beneficiary designations previously filed by me for purposes of the Agreement. I hereby state: that (insert name) residing at whose Social Security number is - - , is designated as my primary beneficiary. (insert name) residing at whose Social Security number is - - , is designated as my secondary beneficiary. If my secondary beneficiary(ies) are not living at the time of this distribution, then my contingent beneficiary shall be residing at whose Social Security number is - - .
Beneficiary election. Primary Beneficiary Contingent Beneficiary
Beneficiary election. Permits a Beneficiary following the Participant’s death to make change payment elections. ☐ (iv) (Specify): _________________________________ (e.g., a Beneficiary may make a change payment election only if the Participant had the right to do so, OR a Participant may make a change payment election only after attaining age 60).
(c) Limit on number of change payment elections. The number of change payment elections (as to any initial payment election) that a Participant, a Beneficiary or the Employer (as applicable) may make is (choose one of (i) or (ii)):
Beneficiary election. All proceeds of the insurance required to be maintained by this Deed of Trust (including proceeds of business interruption or loss of rental value insurance) payable in connection with any Damage, and all awards or other compensation payable in connection with any Condemnation, shall be deposited with Bank, except that any such proceeds or awards or other compensation aggregating less than $50,000 shall not be required to be so deposited. Such proceeds or awards or other compensation (after deducting therefrom all costs and expenses, including reasonable attorneys' fees, incurred by Bank in connection with the collection thereof regardless of the particular nature thereof and whether incurred with or without suit) ("Net Proceeds"), shall be applied by Bank at Bank's option (x) to the payment of the Secured Obligations in such order as Bank may determine (but on a pro rata basis among the Note) or (y) to the payment of the costs of restoring the Improvements and Equipment so damaged or taken to their value, utility and condition immediately prior to such Damage or Condemnation, including the payment of all debt service on the Note as the same becomes due until completion of the restoration (collectively, "Restoration Costs"); provided, however, that, with respect to any Damage or Condemnation occurring after completion of construction of the Phase III Improvements at the request of Grantor, Bank shall elect to apply the Net Proceeds as set forth in clause (y) if no Event of Default or Potential Default (as defined in the Loan Agreement) shall have occurred and be continuing and if, in the sole judgment of Bank, (i) the Improvements and Equipment so damaged can be restored substantially to the value, utility and condition thereof immediately prior to such Damage or Condemnation, (ii) the Net Proceeds deposited with Bank, together with such supplemental amounts deposited by Grantor with Bank for the purpose, shall be sufficient to pay all Restoration Costs, (iii) such restoration can be expected to be completed by the Maturity Date (as defined in the Note), (iv) in the case of a Condemnation, the Land taken will not materially adversely affect the value or utility of the Facility (as defined in the Loan Agreement) even if the Improvements and Equipment can be restored and (v) such Damage or Condemnation and the time to complete such restoration shall not materially adversely affect the ability of Borrower to pay and perform its obligations under the Note and ...
Beneficiary election. I hereby designate the following individuals as my “Beneficiary” and I am aware that I can subsequently change such designation in writing by submitting to the Administrator, at any subsequent time, and in substantially the same form hereto, a written designation of the primary and secondary Beneficiaries to whom payment under this Plan shall be made in the event of my death prior to complete distribution of the benefits due and payable under the Plan. I understand that any Beneficiary designation made subsequent to execution of this Joinder Agreement shall become effective only when receipt thereof is acknowledged in writing by the Administrator. PRIMARY BENEFICIARY: __________________________________________ SECONDARY BENEFICIARY: ________________________________________
Beneficiary election. I understand that in the event of my death before I receive the entire amount payable under this Agreement (if any), the remaining amount will be paid in a single sum to the beneficiary designated by me below or, if none or if my designated beneficiary predeceases me, to my most recent beneficiary designated with respect to the group life insurance provided by Xxxxxx Packaging Company. I further understand that the last beneficiary designation filed by me during my lifetime under this Agreement cancels all prior beneficiary designations previously filed by me under this Agreement. I hereby designate _____________ [insert name], residing at __________ [insert address], whose Social Security number is ______________, as my beneficiary. --------------------------------- --------------------------------- Signature of Participant Date ATTEST: ACCEPTED: XXXXXX PACKAGING COMPANY ----------------------------------- By: -------------------------------- Secretary President --------------------------------- Date XXXXXXXX X ---------- ADDITIONAL INFORMATION REQUIRED UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED Type of Agreement This Agreement is a severance pay employee welfare benefit plan. This Agreement is not an employee pension benefit plan. Sponsor The name, address, phone number, and federal employer identification number ("EIN") of the employer sponsoring this Agreement are: Xxxxxx Packaging Company 000 Xxxx Xxxxxxxx Xxxxxx Xxxx, XX 00000 Telephone: 000-000-0000 EIN: 00-0000000 Administrator This Agreement is administered by Xxxxxx Packaging Company. Communications addressed to the Administrator should be sent to the above address. Service of Legal Process The President of Xxxxxx Packaging Company is designated as the agent for service of legal process with respect to this Agreement.
