Death Benefit Prior to Retirement Date Sample Clauses

Death Benefit Prior to Retirement Date. If the Participant dies while in the employment of the Company prior to the commencement of benefit payments following his Retirement Date, the Participant’s Beneficiary designated in accordance with the provisions of Section 7.7 will be entitled to the balance of the Participant’s Deferral Account, determined as of the date of death, commencing on the first day of the month immediately following the Participant’s death and continuing on the first day of each month thereafter for the term set forth in the Directors’ Deferral Income Agreement between the Participant and the Company.
Sample 1
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Death Benefit Prior to Retirement Date. If the Participant dies while in the service of the Company as a Director and prior to his Retirement Date, the Participant’s Beneficiary(ies) shall be entitled to the value of the Participant’s Liability Account(s) determined as of the last day of the Plan Year prior to the Participant’s death payable as a lump-sum death benefit. Said payment shall be made on the first day of the month coincident with or next following the date of the Participant’s death. In addition, the Participant’s Beneficiary(ies) shall be entitled to receive a pre-retirement death benefit as set forth in the Directors’ Indexed Deferred Compensation Agreement commencing on the first day of the month coincident with or next following the Participant’s death and payable annually on the same day of each year thereafter for a total of ten (10) years.
Sample 1
Death Benefit Prior to Retirement Date. If the Participant dies while in the employment of the Company and prior to receiving the first Defined Benefit payment hereunder then the Defined Benefit shall be forfeited and the Participant’s Beneficiary(ies) shall instead be entitled to receive a pre-retirement death benefit as set forth in the Officers’ Deferred Compensation Agreement commencing on the first day of the month coincident with or next following the Participant’s death payable for two hundred forty consecutive months (240).
Sample 1

Related to Death Benefit Prior to Retirement Date

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Public Employees Retirement System “PERS”) Members.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Supplemental Executive Retirement Plan The Executive will participate in the Rockland Trust Supplemental Executive Retirement Plan (“SERP”), a non-qualified plan on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

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