DEATH BENEFIT ELECTION Sample Clauses

DEATH BENEFIT ELECTION. 3.1 If Employee dies before receiving the full amount of retirement benefits to which Employee is entitled under Section 2.1, the Bank shall pay the remaining amount of retirement benefits to the Beneficiary. Employee may elect to have the Beneficiary receive a lump sum payment equal to the present value of the future retirement benefits determined as of the date of Employee's death, which payment shall be paid within 30 days after the Bank receives notice of Employee's death. For this purpose, the "present value of the future retirement benefits" shall be determined by using a discount rate equal to 120 percent of the applicable Federal rate (determined under Section 1274(d) of the Code) in effect as of Employee's date of death, compounded semiannually. The election available under this Article 3 must be made at the time this Agreement is signed, by signing and delivering the Election Form to the Bank. If Employee does not make the election, the unpaid retirement benefits to which Employee is entitled as of her death shall be paid to the Beneficiary at the times and in the amounts such payments would have been paid to Employee.
Sample 1
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DEATH BENEFIT ELECTION. Franklin Valuemark Charter automatically includes a "Traditional Death Benefit that is applicable to certificates owned for the benefit of an individual. The Traditional Death Benefit is equal to the greater of : 1)Certificate Value or 2) Purchase Payments less surrenders. Check the following box if you want to choose the "Enhanced Death Benefit". An additional charge is assessed to the Owner for this feature. Upon making this selection, it cannot be changed. This selection can only be made at the time of initial premium payment. Refer to the Prospectus for additional information. ___Enhanced Death Benefit is equal to the greater of: 1)Certificate Value or 2) Purchase Payments less surrenders or 3) The highest Anniversary Value prior to the Owner's 86th birthday. The Anniversary Value is the Certificate Value on a Certificate anniversary adjusted by subsequent premiums and surrenders. ______________________________________________________________________________
Sample 1
DEATH BENEFIT ELECTION. Franklin Valuemark Charter automatically includes a "Traditional Death Benefit that is applicable to contracts owned for the benefit of an individual. The Traditional Death Benefit is equal to the greater of : 1)Contract Value or 2) Premiums less surrenders. Check the following box if you want to choose the "Enhanced Death Benefit". An additional charge is assessed to the Owner for this feature. Upon making this selection, it cannot be changed. This selection can only be made at the time of initial premium payment. Refer to the Prospectus for additional information. ___Enhanced Death Benefit is equal to the greater of: 1)Contract Value or 2) Premiums less surrenders or 3) The highest Anniversary Value prior to the Owner's 86th birthday. The Anniversary Value is the Contract Value on a contract anniversary adjusted by subsequent premiums and surrenders. ______________________________________________________________________________
Sample 1

Related to DEATH BENEFIT ELECTION

  • 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 Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

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

  • 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

  • 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.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • PARTICIPANT ELECTIONS AFTER SEPARATION FROM SERVICE A Participant who is eligible to make distribution elections under Section 6.03 of the Plan may elect to commence distribution of his Nonforfeitable Accrued Benefit: (Choose at least one of (a) through (c))

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

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