Payment of Death Benefits. In the event an employee of the City of New Castle dies having accrued benefits (vacation pay and/or PDO days), his/her estate shall be entitled to the same benefits as the descendent had he/she survived and terminated employment. The benefits shall be paid as follows:
(A) In the case of estate administration, to the personal representative of the estate, upon delivery to the Clerk-Treasurer of a certified copy of letters of appointment and consent to transfer approved by the County Assessor;
(B) In the case of no estate, to the person entitled to the benefits, upon delivery to the Clerk- Treasurer of an affidavit pursuant to Indiana Code 29-1-8-1 and consent to transfer approved by the County Assessor.
Payment of Death Benefits. Notwithstanding the preceding, the Member understands that, in the event of his or her death, the balance in his or her Accounts established hereunder will be paid as soon as administratively practicable to the Member’s Beneficiary on or after the Valuation Date coincident with or next following the Member’s date of death.
Payment of Death Benefits. We will pay a death benefit before the annuity date if the owner or a joint owner dies. If the owner is a non-natural person, a death benefit will be paid upon the death of an annuitant before the annuity date. When we pay the death benefit we will then have no further obligation under this contract. When you die, we will pay the death benefit in a lump sum. This sum may be deferred for up to five years from the date of your death. Instead of a lump sum payment the beneficiary may elect to have the death benefit distributed as stated in Option 1 for a period not to exceed the beneficiary's life expectancy; or Options 2, or 3 based upon the life expectancy of the beneficiary as prescribed by federal regulations. The beneficiary must make this choice within sixty days of the time we receive due proof of death. If the beneficiary is not a natural person, the beneficiary must elect that the entire death benefit be distributed within five years of your death. Distribution of the death benefit must start within one year after your death. It may start later if prescribed by federal regulations. Spousal Continuation If this contract was issued as a nonqualified plan or an Individual Retirement Annuity ("IRA") and your spouse is the primary beneficiary when you die, the surviving spouse may elect to be the successor owner of this contract. This is known as a spousal continuation. In such case, no death benefit will be payable upon your death. Upon your death, your surviving spouse may continue this contract thereby waiving claim to the death benefit otherwise payable. Electing to continue this contract under the spousal continuation provision of this contract will affect how the charges and benefits under this contract and applicable endorsements and riders are calculated or determined. If a spousal continuation is elected, the contract value will be adjusted to equal the amount otherwise payable as a death benefit under this contract subject to the following:
Payment of Death Benefits. 6 DEFINITIONS .............................................................1 ENDORSEMENTS, if any..........................Follow Annuity Option Tables
Payment of Death Benefits. If, upon the death of a Member prior to the commencement of benefits hereunder, he or she (a) has been credited with less than five (5) years of Vesting Service or (b) has no Spouse and, on the Effective Date, was neither an active Employee nor being credited with notional Company Credits pursuant to Section 7.3 hereof, such Member’s Accrued Benefit shall be forfeited. If, upon the death of a Member prior to the commencement of benefits hereunder, he or she has been credited with five (5) or more years of Vesting Service, the Member’s Beneficiary (or contingent Beneficiary, as the case may be) shall be entitled to receive the Actuarial Equivalent Value of the deceased Member’s Retirement Account in accordance with Section 6.3, except to the extent otherwise required pursuant to a “qualified domestic relations order,” as such term is defined in Code Section 414(p).
Payment of Death Benefits. 22 SECTION 6.2. Designation of Beneficiary 23 SECTION 6.3. Benefit Commencement 23 SECTION 6.4. Spousal Death Benefit 23 ARTICLE VII DISABILITY 24 SECTION 7.1. Disability Retirement 24 SECTION 7.2. Immediate Benefit 24 SECTION 7.3. Deferred Benefit 24 SECTION 7.4. Disability Company Credits 24 ARTICLE VIII PAYMENT OF BENEFIT 25 SECTION 8.1. Date of Payment Commencement 25 SECTION 8.2. Required Commencement at Age 72 25 SECTION 8.3. Normal Form of Benefit 29 SECTION 8.4. Right to Elect Alternate Form of Benefit 29 SECTION 8.5. Form of Election 29 SECTION 8.6. Optional Forms of Retirement Benefit 30 SECTION 8.7. Beneficiary(ies) 32 SECTION 8.8. Lump Sum Payment 32 SECTION 8.9 Direct Rollover Treatment for Certain Distributions 32 SECTION 8.9 Retroactive Benefit Commencement Dates 33 ARTICLE IX FUNDING 34 SECTION 9.1. Funding Policy 34 SECTION 9.2. Trust Fund 34 SECTION 9.3. Non-Diversion of the Fund 34
Payment of Death Benefits. Upon the death of the survivor of the Insureds, the death benefit under the Policy (including any interest payable under the Policy in respect of such death benefit for the period from the date of death of such survivor until the payment of the death benefit) shall be divided as follows:
(a) The Company shall be entitled to receive an amount equal to the aggregate premiums paid under the Policy since inception less the amount of the then outstanding principal balance of the Demand Note (the "Company Death Benefit"). (If the Policy provides for a death benefit equal to the sum of the face amount of the Policy and any cash account or accumulation value, the Company Death Benefit shall first be paid from the cash account or accumulation value portion of the death benefit.)
(b) The Trust shall be entitled to receive the excess, if any, of the Policy's death benefit over the Company Death Benefit.
(c) If any interest is payable under the Policy in respect of the death benefit for the period from the date of death of such survivor until the payment of the death benefit, the Company and the Trust shall share in such interest in proportion that their respective share of such death benefit (as determined under Section 6(a) and (b) hereof) bears to the total death benefit, excluding any interest thereon.
Payment of Death Benefits. As soon as administratively feasible after the Committee has credited and adjusted the Individual Accounts of the deceased Participant or Former Participant as provided in Section 7.2, the Trustee shall make payments to the Designated Beneficiary or Beneficiaries pursuant to Article X. Subject to the survivor annuity requirements of Section 6.5, if applicable, the mandatory distribution requirements of Section 7.4, and the immediate cashout provisions of Sections 9.3(b) and 9.3(c), the payments shall begin as soon as administratively feasible after the Participant dies. The Committee shall charge each payment to the Participant's or Former Participant's Individual Account. Payments shall continue until the death of the last survivor of the Beneficiaries or until the Individual Account is paid in full, whichever event shall occur first.
Payment of Death Benefits. 6 DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ENDORSEMENTS, if any . . . . . . . . . . . . . . . . . . . . . . Follow Annuity Option Tables
Payment of Death Benefits. Upon the death of the participant, the following provisions shall apply:
(a) If the participant dies after distribution of his vested accrued benefit has begun, the remaining portion of such benefit shall continue to be distributed to his designated beneficiary at least as rapidly as under the method of distribution in effect at his death. Should the beneficiary die before receiving all the payments due him, any remaining payment shall continue to the recipient determined in accordance with Section 11.
(b) If the participant dies before distribution of his vested accrued benefit begins, the participant's vested accrued benefit must be distributed no later than December 31 of the calendar year containing the fifth anniversary of the participant's death except to the extent that an election is made to receive distributions under (i) or (ii), as follows:
(i) If any portion of the participant's vested accrued benefit is payable to a designated beneficiary, distributions may be made in substantially equal installments over the life or over a term certain not greater than the life expectancy of the designated beneficiary com- mencing on or before December 31 of the calendar year immediately following the calendar year in which the participant died.
(ii) If the designated beneficiary is the participant's surviving spouse, the date distributions are required to begin in accordance with (i) above shall not be before the later of December 31 of the calendar year immediately following the calendar year in which the participant died, or December 31 of the calendar year in which the participant would have attained age 70 1/2. If the surviving spouse dies before payments begin, subsequent distributions shall be made pursuant to this paragraph (b) (except for subparagraph (ii) hereof) as if the spouse had been the participant.
(c) The vested accrued benefit of the participant shall be payable in the manner provided in paragraphs (i), (ii) or (iii) of Section 4.6.1 (treating the beneficiary for this purpose as the participant), as elected by the participant before his death in writing to the Committee or, if the participant shall not have made such election, as elected by the beneficiary in writing to the Committee no later than the first to occur of (i) December 31 of the calendar year in which distributions are required to commence under paragraph (b) above, or (ii) December 31 of the calendar year which contains the fifth anniversary of the participant's death. If the ...
