Death Before Commencement of Pension Sample Clauses

Death Before Commencement of Pension. (a) In the event of the death of a Member who has attained vesting, while in the employment of the Company before commencement of his pension or if a member dies following his termination of employment but prior to the commencement of any deferred pension payable under the Plan, a lump sum payment equal to the contributions made on behalf of the Member by the Company, plus credited interest, shall be payable to the member’s surviving spouse, or in the absence of a surviving spouse, the member’s beneficiary. (b) The surviving spouse may elect, in lieu of the lump sum amount payable in accordance with Section 9.01(a) above, to receive an immediate or deferred pension payable on or before the surviving spouse attains age 65 equal to the contributions made on behalf of the member by the Company, plus credited interest. The member’s surviving spouse must elect within 90 days or any other period of time which may be prescribed under the Pension Benefits Act to receive payment under either Section 9.01(a) or (b). If the surviving spouse fails to make an election within the prescribed period of time, the spouse shall be deemed to have elected to receive an immediate pension under Section 9.01(b) above. A member and his spouse may jointly waive the spousal entitlement under Section 9.01 in a form prescribed by the Pension Benefits Act, in which event the death benefit would be payable to the beneficiary in accordance with Section 9.01 (a). Notwithstanding the foregoing, a spouse who was living separate and apart from the member on the date of the member’s death shall not be entitled to any benefit under this Section 9.01, unless such spouse is the member’s designated beneficiary.
Sample 1
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Death Before Commencement of Pension. In the event of the death of a Member who has attained vesting, while in the employment of the Company before commencement of his pension or if a member dies following his termination of employment but prior to the commencement of any deferred pension payable under the Plan, a lump sum payment equal to the contributions made on behalf of the Member by the Company, plus credited interest, shall be payable to the member’s surviving spouse, or in the absence of a surviving spouse, the member’s beneficiary. The surviving spouse may elect, in lieu of the lump sum amount payable in accordance with Section
Sample 1
Death Before Commencement of Pension. (ai the of the death a Member who has vesting. in the employment of Company before of his pension or if a member his termination employment but prior to the commencement any cleferred pension payable the Plan, a equal to the contributions macle on behalf of by Company, credited interest, shall be payable to the member’s surviving spouse, or in the absence of a surviving spouse, the member’s beneficiary. surviving spouse may elect, lieu lump payable in accordance Section (ai above, to receive an or deferred pension payable on or the surviving spouse attains age to contributions xxxxx on behalf of the member by Company, plus creditetlinterest. The member’s surviving spouse elect within clays or any other period of time which prescribed under the Pension Benefits Act to receive under either Section (a) or the surviving spouse fails to an election within prescribed period of the spouse shall be to elected to receive an pension Section above. A member and spouse may jointly waive the spousal entitlement under Section in a form prescribed by Benefits Act, in which event death benefit be payable to the beneficiary in accordance with Section (a). the foregoing, a spouse who was living separate and apart the member on the date of the member’s shall not be entitled to any benefit under this Section unless such spouse is the designated
Sample 1
Death Before Commencement of Pension. In the event of the death of a Member who has attained vesting, while in the employment of the Company before commencement of his pension or if a member dies following his termination of employment but prior to the commencement of any deferred pension payable under the Plan, a lump sum payment equal to the contributions made on behalf of the member by the Company, plus credited interest, shall be payable to the member’s surviving spouse or, in the absence of a surviving spouse, the member’s beneficiary. The surviving spouse may elect, in lieu of the lump sum amount payable in accordance with Section above, to receive an immediate or deferred pension payable on or before the surviving spouse attains age equal to the contributions made on behalf of the member by the Company, plus credited interest. The member’s surviving spouse must elect within days or any other period of time which may be prescribed under the Benefits Act to receive payment under either Section or Section If the surviving spouse fails to make an election within the prescribed period of time, the spouse shall be deemed to have elected to an immediate pension under Section above. A member and his spouse may jointly waive the entitlement under Section in a form by the Pension Benefits Act, in which event the death benefit would be payable to the beneficiary accordance with Section Notwithstanding the foregoing, a spouse who was living separate and apart from the member on the date of the member’s death shall not be entitled to any benefit under this Section unless such spouse is the member’s designated beneficiary.
Sample 1

Related to Death Before Commencement of Pension

  • 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.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • 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.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • 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).

  • Employment Eligibility Verification As required by IC § 22-5-1.7, the Contractor swears or affirms under the penalties of perjury that the Contractor does not knowingly employ an unauthorized alien. The Contractor further agrees that: A. The Contractor shall enroll in and verify the work eligibility status of all his/her/its newly hired employees through the E-Verify program as defined in IC § 22-5-1.7-3. The Contractor is not required to participate should the E-Verify program cease to exist. Additionally, the Contractor is not required to participate if the Contractor is self-employed and does not employ any employees. B. The Contractor shall not knowingly employ or contract with an unauthorized alien. The Contractor shall not retain an employee or contract with a person that the Contractor subsequently learns is an unauthorized alien. C. The Contractor shall require his/her/its subcontractors, who perform work under this Contract, to certify to the Contractor that the subcontractor does not knowingly employ or contract with an unauthorized alien and that the subcontractor has enrolled and is participating in the E-Verify program. The Contractor agrees to maintain this certification throughout the duration of the term of a contract with a subcontractor. The State may terminate for default if the Contractor fails to cure a breach of this provision no later than thirty (30) days after being notified by the State.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • 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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