Default beneficiaries Sample Clauses

Default beneficiaries. Unless elected otherwise under this subsection (a) or set forth otherwise under a governing Investment Arrangement, the default beneficiaries described under Section 8.08(c) of the Plan are the Participant’s surviving Spouse, the Participant’s surviving children, and the Participant’s estate. 🞎 If this subsection (a) is checked, the default beneficiaries under Section 8.08(c) of the Plan are modified as follows:
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Default beneficiaries. To the extent a Beneficiary has not been named by the Participant (subject to the spousal consent rules discussed above) and is not designated under the terms of this Plan to receive all or any portion of the deceased Participant’s death benefit, such amount shall be distributed to the Participant’s surviving spouse (if the Participant was married at the time of death). If the Participant does not have a surviving spouse at the time of death, distribution will be made to the Participant’s surviving children, in equal shares. If the Participant has no surviving children, distribution will be made to the Participant’s estate. The Employer may modify the default beneficiary rules described in this subparagraph by addition attaching appropriate language as an addendum to the Agreement.
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Default beneficiaries. To the extent a Beneficiary has not been named by the Participant, and is not designated under the terms of the Investment Arrangement(s), this Plan, or the Adoption Agreement to receive all or any portion of the deceased Participant’s death benefit, such amount shall be distributed to the Participant’s surviving Spouse (if the Participant was married at the time of death) who shall be considered the designated Beneficiary. If a Participant is legally divorced, the former Spouse is not considered the default Beneficiary. If the Participant does not have a surviving Spouse at the time of death, distribution will be made to the Participant’s surviving children (including legally adopted children, but not including step-children), as designated Beneficiaries, in equal shares. If the Participant has no surviving children, distribution will be made to the Participant’s estate. The Employer may modify the default beneficiary rules described in this subparagraph under AA §9-5(a).
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Default beneficiaries. If you die without having designated a beneficiary, your death benefit will be paid to your default beneficiary as detailed in the following chart. Married member Surviving spouse Member with a partner in a civil union* Surviving civil union partner* All other members In the following order of survival: • Member’s issue per stirpes**; if none survive the member then, • Member’s father and mother, in equal shares or all to the survivor; if none survive the member then, • Member’s personal representative of the estate. If you are determined by the Colorado Fire and Police Pension Association (FPPA) to have an on-duty total disability or on-duty permanent occupational disability, and you have not elected to participate in the DROP, you will receive the portion of your Contribution Accumulation that qualifies as an on-duty worker’s compensation benefit and should be exempt from federal income taxes. This payment will be made when your employment ends or, if later, the date of determination by FPPA that you have an on-duty disability. If a portion of your Contribution Accumulation remains after this payment, you can elect to receive it as a taxable lump-sum or you can roll it over into an eligible retirement plan or IRA. This payment reduces the FPPA disability benefit otherwise payable under C.R.S. Section 31-31-806.5. If you are determined by FPPA to have a total disability or a permanent occupational disability, but it doesn’t qualify as an on-duty total disability or on-duty permanent occupational disability, you will receive a lump-sum payment of your Contribution Accumulation. This distribution can be paid directly to you or it can be rolled over to an eligible retirement plan or Individual Retirement Account (IRA). This payment reduces the FPPA disability benefit otherwise payable under C.R.S. Section 00-00-000. Any benefit received from this Plan is subject to applicable income tax withholding. Your Plan participation ends when you receive all benefits to which you are entitled under the Plan. Your active participation in the Plan ends when you are no longer an Aurora Police Department employee, or you no longer meet the eligibility requirements. If you are vested in the Plan, you will automatically receive more information after your employment ends.
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Default beneficiaries. To the extent a Beneficiary has not been named by the Participant and is not designated under the terms of this Plan to receive all or any portion of the deceased Participant’s death benefit, such amount shall be distributed to the Participant’s surviving Spouse (if the Participant was married at the time of death). If the Participant does not have a surviving Spouse at the time of death, distribution will be made to the Participant’s surviving children, in equal shares. If the Participant has no surviving children, distribution will be made to the Participant’s estate. The Employer may modify the default beneficiary rules described in this subparagraph under AA §9-6.
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Default beneficiaries. If the designated beneficiary does not survive the Eligible Participant, or if there is not valid beneficiary designation, amounts payable under the Plan shall be paid to the Eligible Participant's spouse, or if there is not a surviving spouse, then to the duly appointed and currently acting personal representative of the Eligible Participant's estate. If there is no personal representative of the Participant's estate duly appointed, then payments under the Plan shall be made to the person or persons who can verify by affidavit or court order to the satisfaction of TransCore that they are legally entitled to receive the benefits specified hereunder pursuant to the laws of intestate succession or other statutory provision in effect at the Eligible Participant's death in the state in which the Eligible Participant resides.
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Default beneficiaries. Under Section 8.08(c) of the Plan, to the extent a Beneficiary has not been named by the Participant (subject to the spousal consent rules) and is not designated under the terms of the Investment Arrangement(s) to receive all or any portion of the deceased Participant’s death benefit, such amount shall be distributed to the Participant’s surviving Spouse (if the Participant was married at the time of death) who shall be considered the designated Beneficiary. If the Participant does not have a surviving Spouse at the time of death, distribution will be made to the Participant’s surviving children (including legally adopted children, but not including step-children), as designated Beneficiaries, in equal shares. If the Participant has no surviving children, distribution will be made to the Participant’s estate.  If this subsection (a) is checked, the default beneficiaries under Section 8.08(c) of the Plan are modified as follows: (1) The Plan adopts the default beneficiary rules under Section 8.08(c) of the Plan, except, if the Participant does not have a surviving Spouse at the time of death, distribution will be made to the Participant’s children (including legally adopted children, but not including step-children), as designated Beneficiaries, per stirpes. (2) Describe other modifications to the default beneficiaries under Section 8.08(c) of the Plan: [Note: The description of the modifications to the default beneficiaries must be sufficiently clear for the Plan Administrator to determine the beneficiaries and the method of distribution of the
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Default beneficiaries. If you die without having designated a beneficiary, your death benefit will be paid to your default beneficiary as detailed in the following chart. Married member Surviving spouse Member with a partner in a civil union* Surviving civil union partner* All other members In the following order of survival: • Member’s issue per stirpes**; if none survive the member then, • Member’s father and mother, in equal shares or all to the survivor; if none survive the member then, • Member’s personal representative of the estate.
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Related to Default beneficiaries

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Beneficiaries The Executive may designate one or more persons or entities as the primary and/or contingent Beneficiaries of any Severance Benefits owing to the Executive under this Agreement. Such designation must be in the form of a signed writing acceptable to the Committee. The Executive may make or change such designations at any time.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Payments to Plan Participants and Their Beneficiaries (a) Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. (c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.

  • No Other Beneficiaries This Agreement is intended for the sole and exclusive benefit of the parties hereto and their respective successors and controlling persons, and no other person, firm or corporation shall have any third-party beneficiary or other rights hereunder.

  • Party Beneficiaries This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns, and nothing herein is to be construed to give any person or entity, other than the parties hereto and their respective successors and permitted assigns, any legal or equitable rights hereunder.

  • Third Party Beneficiaries This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

  • 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.

  • No Other Payments or Benefits The Executive acknowledges and agrees that upon the termination of his employment, no other benefits, compensation or remuneration of any kind is owed by the Company to the Executive other than as set forth in this Section 10 or as set forth in any Option Agreements.

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