Married Participants Sample Clauses

Married Participants. If a Participant has a Spouse as of the date of death, the death benefit attributable to the Money Purchase Account shall be paid to the Spouse unless an election has been made pursuant to (c) below. The form of payment shall be a monthly annuity for the life of the Spouse, which form of death benefit shall be known as the Qualified Pre-Retirement Survivor Annuity. The Participant's Spouse may direct that payment of the Qualified Pre-Retirement Survivor Annuity commence as of the month following the month of the Participant's death or as of any subsequent month, subject to the rules set forth in Section 10.6. If the Spouse does not so direct, payment of such benefit shall commence at the time the Participant would have attained Normal Retirement Age. Notwithstanding the foregoing, the Spouse shall have the right, prior to the Annuity Starting Date with respect to the Qualified Pre-Retirement Survivor Annuity, to waive the Qualified Pre-Retirement Survivor Annuity and to elect instead one of the forms of payment set forth in Section 8.5, subject to the rules set forth in Section 10.6.
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Married Participants. If a Participant or Former Participant is married on the Annuity Starting Date, the normal form of payment, unless elected otherwise, within the 90 day period ending on the Annuity Starting Date, and with the consent of the Participant's or Former Participant's Spouse, pursuant to subsection (d), shall be a qualified joint and survivor annuity, which shall be the Actuarial Equivalent of the normal form for single Participants described in Section 4.6(a), as applicable, payable for life to the Participant or Former Participant and thereafter, for the life of the Participant's or Former Participant's Surviving Spouse in an amount equal to 50% of the amount that was payable to the Participant or Former Participant.
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Married Participants. 43 9.6 Unmarried Participants.........................................................................46 9.6A. Direct Rollover Requirements...................................................................46 9.7
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Married Participants. A Participant’s sole Beneficiary shall be his or her surviving spouse, unless there is no surviving spouse or the surviving spouse had consented in writing to the Participant’s designation of another Beneficiary. Such written consent shall be signed by the surviving spouse and witnessed by a member of the Committee or a notary public. Written consent need not be obtained if the Participant established to the satisfaction of the Committee that there is no spouse or the spouse cannot be located. Any consent by a spouse (or establishment that consent cannot be obtained) shall be limited to the specific Beneficiary designated by the Participant, and shall be effective only with respect to such spouse. For purposes of this Section 10(b), the term “spouse,” includes an individual married to a person of the same sex if the individuals are lawfully married under state law, and the term “marriage” includes such a marriage between individuals of the same sex and the Service adopts a general rule recognizing a marriage of same-sex individuals that was validly entered into in a state whose laws authorize the marriage of two individuals of the same sex even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages
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Married Participants. Notwithstanding, paragraphs A and C of this Section V, if a Participant is survived by a Spouse, the Participant’s Beneficiary shall be the Participant’s Spouse. Notwithstanding the foregoing, a married Participant may designate a Beneficiary other than the Participant’s Spouse by filing a written designation with the Committee naming a Beneficiary other than the Participant’s Spouse and that contains the written consent of the Spouse to such designation (which may not be changed without the Spouse’s written consent) or the written consent of the Spouse that expressly permits Beneficiary Designations by the Participant without any requirement of further consent by the spouse. The Participant’s Spouse must acknowledge the effect of the waiver and consent, and the Participant’s Spouse’s signature must be notarized or witnessed by a Plan representative. If the consent of the Spouse permits Beneficiary Designations without further consent by the Spouse, the consent must acknowledge and expressly relinquish the right to limit the consent to the designation of a specific Beneficiary. If the Spouse is legally incompetent to give consent, the Spouse’s legal guardian, even if the guardian is the Participant, may give consent. Also, if the Participant is legally separated or the Participant has been abandoned (within the meaning of the local law of the Participant’s state of residence) by his or her Spouse and the Participant has a court order to that effect, no Spousal consent shall be necessary for any Beneficiary Designation unless a qualified domestic relations order (“QDRO”), as defined in Section 206(d) of ERISA, provides otherwise.
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Married Participants 
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Related to Married Participants

  • Participants The Lender and its participants, if any, are not partners or joint venturers, and the Lender shall not have any liability or responsibility for any obligation, act or omission of any of its participants. All rights and powers specifically conferred upon the Lender may be transferred or delegated to any of the Lender's participants, successors or assigns.

  • Employee Participants 2.01 ELIGIBILITY.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Participant See Section 7(a) hereof.

  • Designated Beneficiary Upon the death of the Owner or Joint Owner, the Designated Beneficiary will be the first person on the following list who is alive on the date of death:

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Rights of Participants Any participant in a Lender's interests hereunder may assert any claim for yield protection under Section 4.03 that it could have asserted if it were a Lender hereunder. If such a claim is asserted by any such participant, it shall be entitled to receive such compensation from the Borrower as a Lender would receive in like circumstances; provided, however, that with respect to any such claim, the Borrower shall have no greater liability to the Lender and its participant, in the aggregate, than it would have had to the Lender alone had no such participation interest been created.

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Spouse Spouse" means the Executive's lawfully married spouse. For this purpose, common law marriage or a similar arrangement will not be recognized unless otherwise required by federal law.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

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