In-Service Death Benefit Sample Clauses

In-Service Death Benefit. Subject to the terms and conditions of the Basic Plan Document, the Employer hereby elects the following in-service death benefit, to be payable in the event that an eligible Participant's employment with the Employer is terminated by reason of the Participant's death prior to Retirement (check and complete one):
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In-Service Death Benefit. Subject to the terms and conditions of the Basic Plan Document, the Employer hereby elects the following in-service death benefit, to be payable in the event that an eligible Participant's employment with the Employer is terminated by reason of the Participant's death prior to Retirement(check and complete one): (1) Auto A Death Benefit. A monthly benefit payable to the Participant's Pre-Retirement Beneficiary, equal to the decreased monthly retirement benefit that would have otherwise been payable to the Participant, had the Participant elected a 100% joint and survivor benefit under Section 7.03 of the Basic Plan Document. In order to be eligible for this benefit, a Participant must meet the following requirements(check one): The Participant must be vested in a normal retirement benefit. The Participant must have Credited Service. years(insert number)of Total The Participant must be eligible for Early or Normal Retirement. Other eligibility requirement(must specify in a manner that satisfies the definite written program requirement of Treasury Regulation 1.401- 1(a)(2) and the definitely determinable requirement of Treasury Regulation 1.401-1(b)(1)(i)): .
Sample 1
In-Service Death Benefit. Subject to the terms and conditions of the Master Plan, the Employer hereby elects the following in-service death benefit, to be payable in the event that an eligible Participant's employment with the Employer is terminated by reason of the Participant's death prior to Retirement (check and complete one): (1) Auto A Death Benefit. A monthly benefit payable to the Participant's Pre-Retirement Beneficiary, equal to the decreased monthly retirement benefit that would have otherwise been payable to the Participant, had he elected a 100% joint and survivor benefit under Section 7.03 of the Master Plan. In order to be eligible for this benefit, a Participant must meet the following requirements (check one): The Participant must be vested in a normal retirement benefit. The Participant must have Credited Service. years (insert number) of Total The Participant must be eligible for Early or Normal Retirement. Other eligibility requirement (must specify): Participants must: 1) be initially employed or initially take office after October 2, 2006; or 2) become reemployed as a non-vested Employee after October 1, 2007 (prior Credited Service with other GMEBS employers (portability service credit) will be taken into account in determining vested status upon reemployment). If eligibility requirements are met, Participants are eligible immediately upon becoming a Participant in the Plan.
Sample 1
In-Service Death Benefit. Subject to the terms and conditions of the Master Plan, the Employer hereby elects the following in-service death benefit, to be payable in the event that an eligible Participant's employment with the Employer is terminated by reason of the Participant's death prior to Retirement: (i) Auto A Death Benefit. A monthly benefit payable to the Participant's Pre-Retirement Beneficiary, equal to the decreased monthly retirement benefit that would have otherwise been payable to the Participant, had he elected a 100% joint and survivor benefit under Section 7.03 of the Master Plan. In order to be eligible for this benefit, a Participant must meet the following requirements: The Participant must be vested in a normal retirement benefit.
Sample 1
In-Service Death Benefit. Subject to the terms and conditions of the Master Plan, the employer hereby elects the following in-service death benefit, to be payable in the event that an eligible participant's employment with the employer is terminated by reason of death prior to retirement.
Sample 1

Related to In-Service Death Benefit

  • 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.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

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