Death of Contractholder Before Commencement of Pension Payments Sample Clauses

Death of Contractholder Before Commencement of Pension Payments. In Quebec, the spouse or, failing this, the contractholder’s estate is entitled to payment of a lump sum at least equal to the value of the contract associated with the SSQ LIRA plan with any interest having accumulated at the rate obtained monthly on 5-year personal term deposits in chartered banks, as compiled by the Bank of Canada.
Sample 1
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Death of Contractholder Before Commencement of Pension Payments. In Ontario, if the contractholder dies after conversion of the value of the contract associated with the SSQ LIF to an annuity, but before the pension payments begin, the eligible spouse is entitled to, depending on the case, payment of a lump sum representing the value of the contract associated with the SSQ LIF plan, or to an immediate or deferred annuity the redemption value of which is at least equal to the redemption value of the plan in question. In Quebec, the spouse or, failing this, the contractholder’s estate is entitled to payment of a lump sum at least equal to the value of the contract associated with the SSQ LIF plan with any interest having accumulated at the rate obtained monthly on 5-year personal term deposits in chartered banks, as compiled by the Bank of Canada. According to federal pension legislation, the contractholder’s eligible spouse is entitled to, depending on the case, payment of a lump sum representing the value of the contract associated with the SSQ LIF plan and must transfer or use this value in accordance with the requirements and terms provided for under federal pension legislation.
Sample 1

Related to Death of Contractholder Before Commencement of Pension Payments

  • 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.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Commencement of Benefits The benefits commence six (6) months from the date that disability began, which shall include the period of payment under the terms of the Short Term Income Protection Plan. Proof of disability must be submitted within six (6) months following the Qualifying Period.

  • 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.

  • Payment of Annual Leave on Termination On the termination of their employment, an employee will be paid their untaken or pro-rata annual leave.

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

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court, you are allowed to roll over up to 90 percent of the proceeds to your Traditional IRA, within 180 days after receipt of such amount, or by a later date if extended by federal law. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • 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.

  • Rollovers of Exxon Xxxxxx Settlement Payments If you receive a qualified settlement payment from Exxon Xxxxxx litigation, you may roll over the amount of the settlement, up to $100,000, reduced by the amount of any qualified Exxon Xxxxxx settlement income previously contributed to a Traditional or Xxxx XXX or eligible retirement plan in prior taxable years. You will have until your tax return due date (not including extensions) for the year in which the qualified settlement income is received to make the rollover contribution. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.

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