Death of a Member Before Retirement with Ten Years of Service Sample Clauses

Death of a Member Before Retirement with Ten Years of Service. ‌ (a) A death benefit shall be paid from the Plan on behalf of a Member who: (i) completed at least ten (10) Years of Service prior to the date of his or her death; (ii) had not yet commenced receiving Retirement Benefits as of the date of his or her death; and (iii) is either: (1) survived by a Spouse to whom the Member was married on the date of the Member’s death, and to whom the Member had been married for at least three (3) years at the time of the Member’s death; or (2) is survived by a child or children under the age of eighteen (18). (b) If a Member is eligible for a death benefit under subparagraph (a) and is survived by a Spouse who meets the requirements of subparagraph (a)(iii)(1), the Member’s surviving Spouse will receive an annual benefit calculated as follows: 50% of the appropriate pension multiplier referenced in the attached Appendices multiplied by such Member’s Final Average Earnings calculated in accordance with the appropriate Appendix, then multiplied by the deceased Member’s Years of Service. In no event shall the surviving Spouse’s benefit be less than twenty- five percent (25%) of the Member’s Final Average Earnings. This benefit shall be paid in monthly installments until the earlier of the month of the Spouse’s death or the month of the Spouse’s remarriage. (c) If a Member is eligible for a death benefit by meeting the requirements of subparagraph (a), and is not survived by a Spouse who meets the requirements of subparagraph (a)(iii)(1), but is survived by a child or children meeting the requirements of subparagraph (a)(iii)(2), the then-living children of the Member under 18 will receive an annual benefit calculated as follows: 50% of the appropriate pension multiplier referenced in the attached Appendices multiplied by such Member’s Final Average Earnings calculated in accordance with the appropriate Appendix, then multiplied by the deceased Member’s Years of Service. In no event shall the child or children’s benefit be less than twenty-five (25%) of the Member’s Final Average Earnings. This benefit shall be paid in monthly installments to the Member’s children under the age of 18, divided among them equally. A child’s right to such payment shall cease on the date he or she attains age 18, with the full benefit amount divided among the remaining children under 18. (d) If a Member’s Spouse was entitled to a death benefit under subparagraph (b) above, but is no longer entitled to such payment due to such Spouse’s death or rema...
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Related to Death of a Member Before Retirement with Ten Years of Service

  • Years of Service A Participant’s Years of Service shall include all service performed for the Employer and ¨ Shall ¨ Shall Not include service performed for the Related Employer.

  • 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.

  • PERIOD OF SERVICE The Grant Services will commence on the Start Date and shall expire on the End Date as set forth in the SUMMARY PAGE.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Year of Service An Employee must complete at least Hours of Service during a Vesting Computation Period to receive credit for a Year of Service under Article V. [Note: The number may not exceed 1,000. If left blank, the requirement is 1,000.]

  • 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

  • Credited Service In addition to Current Credited Service the Adopting Employer may include as Credited Service the following types of service:

  • 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.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION [Not applicable in School District No. 62 (Sooke)]

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