Common use of Normal form of payment Clause in Contracts

Normal form of payment. If (i) the Executive dies while employed by the Bank and (ii) the Executive 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. Supplemental Retirement Income Benefit Contributions shall be made in accordance with Subsection 2.1(b)(2) (or 2.1(b)(3), as applicable) and Supplemental Retirement Income Benefit Phantom Contributions shall be recorded in accordance with 2.1(c)(2) (or 2.1(c)(3), as applicable). Supplemental ESOP Benefit Contributions and Supplemental ESOP Benefit Phantom Contributions, as applicable, shall be made or recorded in accordance with Subsection 2.1(a)(3). The Executive’s Beneficiary shall be entitled to receive benefits in accordance with this Subsection 4.1(a). The Executive’s Retirement Income Trust Fund, measured as of the latest of (i) the date of the Executive’s death, (ii) the date any final lump sum Supplemental Retirement Income Benefit Contribution is made pursuant to Subsection 2.1(b)(2) (or 2.1(b)(3)), or (iii) the date any final Supplemental ESOP Benefit Contribution is made pursuant to Subsection 2.1(a)(3), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’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 Executive’s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Executive’s Beneficiary may request to receive the unpaid balance of the Executive’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 Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Executive’s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Executive’s Accrued Benefit Account (if applicable), measured as of the latest of (i) the date of the Executive’s death, (ii) the date the final Supplemental Retirement Income Benefit Phantom Contribution is recorded pursuant to Subsection 2.1(c)(2) (or 2.1(c)(3)), or (iii) the date any final Supplemental ESOP Benefit Phantom Contribution is recorded pursuant to Subsection 2.1(a)(3), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Executive’s death.