Distributions at Death Clause Samples
Distributions at Death. If the Participant dies at a time when he or she has a vested Account balance, this Section shall apply with respect to such vested Account balance.
(a) With respect to any such vested Account balance, the Trustee shall, at the direction of the Administrator, distribute the Participant's Account in accordance with the provisions of this Section. The Administrator's direction shall include notification of the Participant's or Beneficiary's death; the existence or non-existence of a surviving Spouse; the amounts, or method of calculating the amounts, to be distributed on given dates; the date on which distribution should commence; and the dates on which any further distribution should be made.
(b) If the Participant has validly named a Beneficiary or Beneficiaries in the most recent Designation of Beneficiary filed with the Trustee before the Participant's death in compliance with Article XVII, his or her vested account balance shall be distributed to the Beneficiary or Beneficiaries so named. To the extent that any portion of a vested Account balance of a deceased Participant is not governed by an effective Designation of Beneficiary which names at least one living Beneficiary, that portion of the vested Account balance shall be distributed to the deceased Participant's Spouse or if that is not possible, to the estate of the deceased Participant.
(c) If the Participant has validly elected a permissible form of distribution (i.e., a form which complies with the applicable provisions of subsection (e) below) with respect to his or her vested Account balance, his or her vested Account balance shall be distributed in accordance with such election. With respect to any portion of a deceased Participant's vested Account balance for which the Participant had not validly elected a permissible form of distribution prior to his or her death, distribution shall be made in such permissible form as the Participant's Beneficiary (or Beneficiaries) may elect in a written filing with the Trustee, provided that the time elected satisfies the requirements of subsection (e) below. In the absence of such an election:
(i) If the Beneficiary is the Spouse, in substantially equal or more frequent installments over the Spouse's Life Expectancy.
(ii) If the Beneficiary is not the Spouse, in a lump sum, or
(iii) If distributions have commenced prior to the Participant's death, in the form selected by the Participant.
(d) If the Participant has validly elected a permissible time for c...
Distributions at Death. If a Participant dies at a time when he or she has a vested Account balance, this Section shall apply with respect to such vested Account balance.
(a) The Trustee shall, at the direction of the Administrator, distribute a Participant's vested Account balance in accordance with the provisions of this Article IX. The Administrator's direction shall include notification of the Participant's death, the existence or non-existence of a surviving spouse; the amounts, or method of calculating the amounts, to be distributed on given dates; and such other information required by the Trustee.
(b) If the Participant has validly named a Beneficiary or Beneficiaries in compliance with Article XVII, his or her vested Account balance shall be distributed to the Beneficiary or Beneficiaries so named. To the extent that any portion of a vested Account balance of a deceased Participant is not governed by an effective Designation of Beneficiary, that portion of the vested Account balance shall be distributed to the deceased Participant's Spouse or if that is not possible, to the estate of the deceased Participant.
(c) If the Participant has validly elected a form of distribution permitted under Section 10.02 which complies with the applicable provisions of subsection (d) below (a "permissible form of distribution") with respect to his or her vested Account balance, such vested Account balance shall be distributed in accordance with such election whether or not distributions have commenced prior to the Participant's death. With respect to any portion of
Distributions at Death. In the event a Participant dies prior to distribution of his interest in the Plan, the Contractholder will determine the appropriate beneficiary(ies), the amount of the death benefit and the form in which it will be paid in accordance with the Plan and applicable law, and will direct the Insurance Company to make proper payment. In the event a Participant dies after an annuity has been purchased on his behalf, the death benefit, if any, will be made in accordance with the terms of the annuity certificate.
Distributions at Death. If the Director dies while in active service to the Bank or after Separation from Service but prior to receiving full payment of benefits due hereunder, the Bank shall distribute to the Beneficiary the benefit described in this Section 5.1. This benefit shall be distributed in lieu of any further benefits under Article 4.
Distributions at Death