Death After Termination of Service But Before Benefit Payments Commence Sample Clauses
This clause addresses the situation where a plan participant dies after leaving employment but before they have started receiving their retirement or other benefit payments. In practice, it specifies how the benefits will be handled in such cases, often detailing who is eligible to receive the benefits—such as a designated beneficiary or estate—and what form those benefits will take. The core function of this clause is to ensure that the participant’s accrued benefits are distributed appropriately and fairly, even if the participant passes away before payments begin, thereby providing clarity and certainty for both the plan and the participant’s survivors.
Death After Termination of Service But Before Benefit Payments Commence. If the Director is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Director's beneficiary that the Director was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Director's death.
Death After Termination of Service But Before Benefit Payments Commence. If the Director is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay to the Beneficiary the Deferral Account balance as elected by the Director on Election Form C within ninety (90) days following receipt of the Director’s death certificate.