Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. In the event of the death of the Executive prior to the commencement of the payment of his "Normal Retirement Benefit," or severance benefit, the Bank shall pay to the Executive's designated beneficiary or beneficiaries a monthly benefit equal to the Executive's "Normal Retirement Benefit" commencing on the first day of the month following the month in which the Executive's death occurs and continuing for a period of one hundred and eighty (180) months. In the absence of or failure of the Executive to designate a beneficiary, the monthly retirement payments shall be paid to the personal representative of the Executive's estate. In the event the Executive's death shall be the result of suicide on or before September 11, 1994, then no death benefits shall be payable to the Executive's designated beneficiary or his personal representative.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event of the death of the Executive prior to the commencement of the payment of his "Normal Retirement Benefit," or severance benefit, the Bank shall pay to the Executive's designated beneficiary or beneficiaries a monthly benefit equal to the Executive's "Normal Retirement Benefit" commencing on the first day of the month following the month in which the Executive's death occurs and continuing for a period of one hundred and eighty (180) months. In the absence of or failure of the Executive to designate a beneficiary, the monthly retirement payments shall be paid to the personal representative of the Executive's estate. In the event the Executive's death shall be the result of suicide on or before September 11February 23, 19941995, then no death benefits shall be payable to the Executive's designated beneficiary or his personal representative.