Common use of Form of SERP Benefit Payment Clause in Contracts

Form of SERP Benefit Payment. The annual SERP Benefit will be paid equally in monthly installments during the payment period. Each monthly installment shall equal one-twelfth of the total annual SERP Benefit. Upon the Participant's death all remaining payments shall be paid to the Participant's Beneficiary(ies). Such distribution of the aforementioned SERP Benefit shall commence on the first day of the calendar month next following the Participant's Normal Retirement or death.

Form of SERP Benefit Payment. The annual SERP Benefit will be paid equally in monthly installments during the payment period. Each monthly installment shall equal one-twelfth of the total annual SERP Benefit. Upon the Participant's death death, all remaining payments payment shall be paid to the Participant's Beneficiary(ies). Such distribution of the aforementioned SERP Benefit shall commence on the first day of the calendar month next following the Participant's Normal Retirement or death.