Common use of Payment to Beneficiary Clause in Contracts

Payment to Beneficiary. (a) Subject to the provisions of Article VIII, upon the death of a Participant, such Participant's account balance shall be paid to his designated Beneficiary or if no such Beneficiary is designated or survives the Participant, to the legal representative of such Participant's estate. Such payment shall commence as soon as practicable after the Participant's death and after the Trustee is given such documentation as may be required under the provisions of the Trust Agreement or Custodial Agreement. (b) Subject to the provisions of the Custodial Agreement if the Plan is an Easy Retirement Plan, the Committee may prescribe the manner in which a Beneficiary is to be designated in writing and the Custodial Agreement, may prescribe the manner in which such designations shall be filed. Notwithstanding the foregoing, any designation (or change of designation) of a Beneficiary must be consented to by the Participant's Spouse pursuant to a Qualified Election under Section 8.2, if such Beneficiary is not the Participant's Spouse.