Common use of DEATH PAYMENTS Clause in Contracts

DEATH PAYMENTS. If a Participant dies before his Participant's Accounts has been cancelled, the dollar value will be paid to his Beneficiary (see section 7.6). If the Beneficiary is other than the Participant's spouse, the payment will be made in one sum within 5 years of the Participant's death unless the Participant has directed Prudential to purchase an annuity for the Beneficiary. If the Participant's spouse is the Beneficiary, the payment will be made in one sum no later than the latest date on which the spouse is permitted to defer the distribution under law unless the GVA-120-87 (10/11) Serial 300 3.1-3.2 Participant has directed Prudential to purchase an annuity for the spouse. Instead of a one sum payment, the Beneficiary may elect to have the dollar value of the Participant's Account applied to purchase an annuity. Proof of the Participant's death must be received by Prudential before any payment will be made. Any payment made pursuant to this section must be consistent with the terms of the Plan, if any. The Beneficiary's annuity election must be made before the Participant's Account is distributed. The annuity form may be any of those described in section 4.4. If annuity payments are to start at a future date, the Participant's Account will be maintained for the Beneficiary in the same manner as for the Participant. The date for payments to start must be on or before the latest date on which the Beneficiary is permitted to defer the distribution under law. No contributions may be made to the Account after the Participant's death. If a one sum payment is made to the Beneficiary within one year of the Participant's death, it will be at least equal to the contributions made for him under this contract less any withdrawals and transfers. Any annuity payments to a Beneficiary will be subject to the following:

DEATH PAYMENTS. If a Participant dies before his Participant's Accounts Account has been cancelled, the dollar value of the non-forfeitable part of his Account will be paid to his Beneficiary (see section 7.6). If the Beneficiary is other than the Participant's spouse, the payment will be made in one sum within 5 years of the Participant's death unless the Participant has directed Prudential to purchase an annuity for the Beneficiary. If the Participant's spouse is the Beneficiary, the payment will be made in one sum no later than the latest date on which the spouse is permitted to defer the distribution under law unless the GVA-120-87 (10/11) Serial 300 3.1-3.2 Participant has directed Prudential to purchase an annuity for the spouse. Instead of a one sum payment, the Beneficiary may elect to have the dollar value of the Participant's Account applied to purchase an annuity. Proof Written authorization from the Contract-Holder and proof of the Participant's death must be received by Prudential before any payment will be made. Any payment made pursuant to this section must be consistent with the terms of the Plan, if any. The Beneficiary's annuity election must be made before the Participant's Account is distributed. The annuity form may be any of those described in section 4.4. If annuity payments are to start at a future date, the Participant's Account will be maintained for the Beneficiary in the same manner as for the Participant. The date for payments to start must be on or before the latest date on which the Beneficiary is permitted to defer the distribution under law. No contributions may be made to the Account after the Participant's death. If a one sum payment is made to the Beneficiary within one year of the Participant's death, it will be at least equal to the GAA-7611 -T 19080 contributions made for him under this contract less any withdrawals and transfers. Any annuity payments to a Beneficiary will be subject to the following: