Common use of Payment of Normal Retirement Benefits or Early Retirement Benefits in the Event of Death Clause in Contracts

Payment of Normal Retirement Benefits or Early Retirement Benefits in the Event of Death. If Executive dies having vested Normal Retirement Benefits or Early Retirement Benefits, whether or not any such Normal Retirement Benefits or Early Retirement Benefits have been paid at the date of death, payment of the vested Normal Retirement Benefits or Early Retirement Benefits, based on his age at the date of his death, shall be paid over ten (10) years, commencing as of the first of the month following the month in which death occurs if death occurs during employment, or continued for the balance of the ten-year term in process if vested Normal Retirement Benefits or Early Retirement Benefits are being currently paid at death, as the case may be, to the Executive’s designated beneficiary or beneficiaries or in default of such designation to the Executive’s estate. (For the avoidance of doubt, if Executive dies before attaining age 55, the amounts payable under this paragraph shall be determined as if Executive were age 55 on the date of death.)