Benefits on Death after Retirement Sample Clauses

Benefits on Death after Retirement. If the death of a Member occurs after his pension has commenced, any benefits due in accordance with the retirement option elected by the Member at retirement shall be paid to his eligible spouse or beneficiary.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Benefits on Death after Retirement. Retirement Income Benefits are payable for the remaining lifetime of a retired member with the guarantee that, if the member dies before a total of sixty (60) monthly benefit payments have been made, the balance of such payments will be continued to their beneficiary or provide for commutation of the benefits for the balance of the guarantee period to the estate. Prior to their date of retirement, a member may, however elect to have their retirement income benefit paid in optional form and in such event, the benefits, if any, payable following the death of the member will be determined in accordance with the terms and conditions of such optional form. Optional forms available under the Plan include:
Sample 1Sample 2Sample 3
Benefits on Death after Retirement. Retirement income benefits are payable for the remaining lifetime of a retired member with the guarantee that, if the member dies before a total of sixty (60) monthly benefit payments have been made, the balance of such payments will be continued to his beneficiary, or provide for commutation of the benefits for the balance of the guarantee period to the estate. Prior to his date of retirement, a member may, however, elect to have his retirement income benefit paid in optional form and in such event, the benefits, if any, payable following the death of the member will be determined in accordance with the terms and conditions of such optional form. Optional forms available under the Plan include: a) An increased pension payable for life with payment ceasing at the date of death; b) A reduced pension payable for life with a guarantee that at least one hundred and twenty (120) or one hundred and eighty (180) monthly payments will be made. Guaranteed payments falling due after the member's death are payable to his beneficiary;
Sample 1Sample 2
Benefits on Death after Retirement. If the joint and survivor pension outlined in section 9 is waived or if the Member does not have an eligible spouse at retirement, the Member’s pension shall be payable during the Member’s lifetime and shall cease upon their death. Upon retirement, the Member may elect an optional form of pension.
Sample 1Sample 2
Benefits on Death after Retirement. Retirement Income Benefits are payable for the remaining lifetime of a retired member with the guarantee that, if the member dies before a total of sixty (60) monthly benefit payments have been made, the balance of such payments will be continued to their beneficiary or provide for commutation of the benefits for the balance of the guarantee period to the estate. Prior to his/her date of retirement, a member may, however elect to have his/her retirement income benefit paid in optional form and in such event, the benefits, if any, payable following the death of the member will be determined in accordance with the terms and conditions of such optional form. Optional forms available under the Plan include: (a) a lifetime benefit with no guarantee, which provides an income somewhat higher than the normal benefits described above for the member's lifetime. Payments cease upon death. (b) a lifetime benefit with 120 or 180 month guarantee, which provides an income somewhat lower than the normal benefits described above. If the member's death occurs within the guarantee period, payments will continue to be made to his/her beneficiary for the balance of the 120 or 180 month period. (c) a joint and survivor option, which provides a reduced pension payable for the member's life. Upon the member's death his/her pension will continue in whole or in part, as he/she may elect, to his/her named spouse or beneficiary. (d) a level income option which may be elected only in the case of early retirement. This option provides an increased pension during the period before Canada Pension Plan and Old Age Security benefits commence and a reduced pension after these benefits commence in order to provide a reasonably level pension from all sources throughout retirement. This option is available only for members selecting a single life form of pension. Optional forms of pension will be paid in the actuarial equivalent of the normal form of pension. (e) In the event the member retires on or after January 1, 1988, and has a spouse at the date of retirement, the automatic form of payment will provide that, in the event the member predeceases his/her spouse, 60% of his/her pension will continue to the spouse for the remainder of his/her lifetime. The member's pension will be actuarially reduced at the date of retirement to provide for this spouse pension. An alternative form of payment may be elected if both spouses agree to the change in writing.
Sample 1

Related to Benefits on Death after Retirement

  • 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).

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Termination on Death or Disability If the employment of the Executive is terminated due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive’s estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) the following compensation and benefits: (i) The Accrued Obligations, at the times provided and subject to the conditions set forth in Section 8(a)(i) above; (ii) An amount equal to the Cash Bonus at the Target Percentage for which the Executive is eligible for the year in which the Executive’s death or Disability occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the Executive’s death or termination of employment due to Disability (less any payments in respect of such Cash Bonus related to that performance year received by the Executive during such year), such amount to be paid within thirty (30) days after the Executive’s death or such termination of employment due to Disability; (iii) Any and all outstanding Unvested Shares shall immediately vest and any restrictions thereon shall immediately lapse upon the Executive’s death or termination of employment due to Disability (the acceleration of any other equity incentives granted to the Executive under any equity incentive plan of the Guarantor in connection with the termination of the Executive’s employment due to death or Disability shall be governed by the applicable plan and related grant documents); and (iv) If the Executive is eligible for and elects to receive continued coverage under the Company’s medical and health benefits plan(s) in accordance with the provisions of COBRA for the Executive and, if applicable, the Executive’s eligible dependents, or if the Executive’s eligible dependents are eligible for such continued coverage due to the Executive’s death, then the Company shall reimburse the Executive or such dependents for a period of eighteen (18) months following the Executive’s termination of employment due to death or Disability (or, if less, for the period that the Executive or any such dependent is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive or any such dependent is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company’s group health benefits plan(s) had the Executive continued to be an employee of the Company.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • Termination on Death This Occupation Right Agreement shall terminate upon the death of the Resident, or, where two Residents have jointly signed this Occupation Right Agreement, upon the death of the surviving Resident. No notice of termination is required if the reason for termination is because the last surviving Resident has died.

  • 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.

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six months within any 12 consecutive months, the Company may terminate this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)) and the Standard Termination Payments (as set forth above). The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year. Subject to Section 19 below, the Disability Incentive Payment shall be payable in a lump sum on the 60th day after termination of the Executive’s employment.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!