Death of Designated Beneficiary Sample Clauses

Death of Designated Beneficiary. In the event of the death of the Designated Beneficiary, the Participant may exercise one or more of the following options. The Participant may request payment of the Account balance to a beneficiary of the Designated Beneficiary or the Designated Beneficiary’s estate in which case the earnings portion will be subject to federal income tax and possibly state and/or local income tax on the earnings portion of the withdrawal, without imposition of the 10% additional federal tax on earnings. Alternatively, the Participant can request the return of the Account balance, the earnings portion of which will be subject to federal and potentially state and/or local income tax and may be subject to a 10% additional federal tax. Another option would be to initiate a change of Designated Beneficiary, as described in “Change of Designated Beneficiary.” Special rules apply to Accounts established by UGMA/UTMA custodians.
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Death of Designated Beneficiary. In the event of the death or more of the following options. The Participant may request payment of the Account balance to a beneficiary of the Designated Beneficiary or the Designated Beneficiary’s estate in which case the earnings portion will be subject to federal income tax and possibly state and/or local income tax on the earnings portion of the withdrawal, without imposition of the 10% additional federal tax on earnings. Alternatively, the Participant can request the return of the Account balance, the earnings portion of which will be subject to federal and potentially state and/or local income tax and may be subject to a 10% additional federal tax. Another option would be to initiate a change of Designated Beneficiary, as described in “Change of Designated Beneficiary” or, if the Designated Beneficiary is eligible for such an account and subject to applicable contribution limits, may make a rollover to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, as described in “Qualifying Rollovers.” Special rules apply to Accounts established by UGMA/UTMA custodians.
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Death of Designated Beneficiary. If a designated Beneficiary dies after the Optionee, but before the end of the applicable exercise period, the Beneficiary's estate shall be entitled to exercise the Option to the same extent as the Beneficiary.
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Death of Designated Beneficiary. In the event of the death of the designated beneficiary, the Account Owner may authorize a change in the designated beneficiary for the Account, authorize a payment to the estate of the designated beneficiary, or request the refund of the Account balance. A withdrawal due to the death of the designated beneficiary, if paid to the estate of the designated beneficiary, will not be subject to the additional 10 percent federal tax penalty on earnings, but earnings will be subject to federal and any applicable state income tax. A withdrawal of amounts in the Account, if not paid to the designated beneficiary’s estate, may constitute a non-qualified withdrawal, subject to federal and applicable state income taxes at the distributee’s tax rate and the additional 10 percent federal tax penalty. If the Account Owner selects a new designated beneficiary who is a Member of the Family of the former designated beneficiary (See “Changing the Designated Beneficiary” on page 19), the Account Owner willnot be subject to federal income tax or a penalty. Special rules apply to UGMA/UTMA custodian accounts.
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Death of Designated Beneficiary. In the event of the death of the designated beneficiary, the Account Owner may authorize a change in the designated beneficiary for the Account, authorize a payment to the estate of the designated beneficiary, or request the refund of the Account balance. A distribution due to the death of the designated beneficiary, if paid to the estate of the designated beneficiary, will not be subject to the additional 10 percent federal tax penalty on earnings, but earnings will be subject to federal and any applicable state income tax. A distribution of amounts in the Account, if not paid to the designated benefi- ciary’s estate, may constitute a non- qualified distribution, subject to federal and applicable state income taxes at the distributee’s tax rate and the addi- tional 10 percent federal tax penalty. If the Account Owner selects a new des- ignated beneficiary who is a Member of the Family of the former designated beneficiary (See “Changing the Desig- nated Beneficiary” on page 8), the Account Owner will not be subject to federal income tax or a penalty. Special rules apply to UGMA/UTMA custodian accounts.
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Death of Designated Beneficiary. In the event of the death of the designated beneficiary, the Account Owner may authorize a change in the designated beneficiary for the account, authorize a payment to a beneficiary of the designated beneficiary, or the estate of the designated beneficiary, or request the return of the account balance. A distribution due to the death of the designated beneficiary if paid to a beneficiary of the designated beneficiary or the estate of the designated beneficiary will not be subject to the additional 10% federal tax on earnings, but earnings will be subject to federal and any applicable state income tax. A withdrawal of amounts in the Account, if not paid to a beneficiary of the designated beneficiary or the designated beneficiary’s estate, may constitute a non-qualified withdrawal, subject to federal and applicable state income taxes at the distributee’s tax rate and the additional 10% federal tax. If the Account Owner selects a new designated beneficiary who is a “member of the family” (defined above) of the former designated beneficiary (See “CHANGING THE DESIGNATED BENEFICIARY”), the Account Owner will not owe federal income tax or a penalty.
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Death of Designated Beneficiary. Unless otherwise provided in the Beneficiary designation, if any Designated Beneficiary dies prior to the Participant, such Beneficiary’s interest will pass to any other Designated Beneficiary according to each surviving Designated Beneficiary’s respective interest.
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Death of Designated Beneficiary. If both Executive and Executive's designated beneficiary should die before Company makes a total of twenty (20) quarterly payments otherwise payable to such designated beneficiary pursuant to this Agreement, the remaining quarterly payments shall be paid to the designated beneficiary's estate or as specified in the designated beneficiary's Last Will and Testament, as the case may be.
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Death of Designated Beneficiary a. Upon the death of the Designated Beneficiary, after the payment of permissible administrative expenses such as (a) taxes due to the State(s) or Federal government because of the death of the Beneficiary and (b) reasonable fees for administration of the Trust Account such as an accounting of the Trust Account to a court, completion and filing of documents, or other required actions associated with termination and wrapping up of the Trust Account, the remaining balance of the Trust Account shall be credited to the Life’s WORC Surplus Income Trust “Remainder Trust Account” which amount may be used for the purpose of providing direct supplemental needs assistance to any individual who is disabled pursuant to Social Security Law Section 1614(a)(3) [42 USC 1382c(a)(3)], whether or not such individual is a current Designated Beneficiary of a Trust Account. Amounts in the Remainder Trust Account shall also be available to the Trustees for the purpose of providing indirect supplemental needs assistance to or on behalf of individuals with disabilities. Amounts in the Remainder Trust Account shall also be available to the Trustee to meet any administrative and/or operating expenses incurred by the Trust. To the extent that amounts remaining in a Designated Beneficiary's account upon the death of the Designated Beneficiary are not retained by the Trust and credited to the Remainder Trust Account, to be used in furtherance of the purpose stated above, the Trust shall pay to the States from such deceased Designated Beneficiary’s Trust Account any remaining amounts equal to the total amount of medical assistance paid on behalf of the Designated Beneficiary under the State plans pursuant to 42 USCS §§ 1396 et seq. b. All final disbursement requests must be submitted within ninety (90) days of the Designated Beneficiary's death and upon submission of the death certificate. Only expenses incurred prior to the Designated Beneficiary's death will be considered. c. Funeral expenses will only be paid pursuant to a Medicaid eligible pre-need funeral agreement established to the Beneficiary's death. Funeral Expenses will not be paid after the beneficiary's death.
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Related to Death of Designated Beneficiary

  • Effect of Death or Disability If the Executive's employment is terminated by reason of the Executive's death or Disability during the Term of this Agreement, this Agreement shall terminate automatically on the date of death or, in the event of Disability, on the Date of Termination. In the event of the Executive's death following the Executive's Date of Termination, but prior to the payment of the severance payments and benefits provided under paragraph 4 hereof, if any, such payments and benefits will be paid to the Executive's surviving spouse, or if the Executive has no surviving spouse, then to the Executive's estate.

  • Termination Because of Death or Disability If Participant is Terminated because of death or Disability of Participant, the Option, to the extent that it is exercisable by Participant on the date of Termination, may be exercised by Participant (or Participant's legal representative) no later than twelve (12) months after the date of Termination, but in any event no later than the Expiration Date.

  • Termination in the Event of Death or Disability This Agreement shall terminate in the event of death or disability of Executive. (a) In the event of Executive's death, Ceridian shall pay an amount equal to 12 months of Base Salary at the rate in effect at the time of Executive's death plus the amount Executive would have received in annual incentive plan bonus for the year in which the death occurs had "target" goals been achieved. Such amount shall be paid (1) to the beneficiary or beneficiaries designated in writing to Ceridian by Executive, (2) in the absence of such designation to the surviving spouse, or (3) if there is no surviving spouse, or such surviving spouse disclaims all or any part, then the full amount, or such disclaimed portion, shall be paid to the executor, administrator or other personal representative of Executive's estate. The amount shall be paid as a lump sum as soon as practicable following Ceridian's receipt of notice of Executive's death. All such payments shall be in addition to any payments due pursuant to Section 4.04(c) below. (b) In the event of Executive's disability, Base Salary shall be terminated as of the end of the month in which the last day of the six-month period of Executive's inability to perform his or her duties occurs. (c) In the event of termination by reason of Executive's death or disability, Ceridian shall pay to Executive any amount equal to (1) the amount Executive would have received in annual incentive plan bonus for the year in which termination occurs had "target" goals been achieved, multiplied by (2) a fraction, the numerator of which shall be the number of whole months Executive was employed in the year in which the death or disability occurred and the denominator of which is 12. The amount payable pursuant to this Section 4.04(c) shall be paid within 15 days after the date such bonus would have been paid had Executive remained employed for the full fiscal year.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six months within any 12 consecutive months, the Company may terminate this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)) and the Standard Termination Payments (as set forth above). The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year. Subject to Section 19 below, the Disability Incentive Payment shall be payable in a lump sum on the 60th day after termination of the Executive’s employment.

  • Termination for Death or Disability If the Employee's employment is terminated by death or because of disability pursuant to Section 4.3, the Company shall pay to the estate of the Employee or to the Employee, as the case may be, all sums which would otherwise be payable to the Employee under Section 3 up to the end of the month in which the termination of his employment because of death or disability occurs.

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall terminate immediately, in accordance with Section 6.6, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations. (b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, and in accordance with Section 6.6, to terminate this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for 180 days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

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