Common use of Payments in the Event of Death Prior to Retirement Clause in Contracts

Payments in the Event of Death Prior to Retirement. In the event the Officer should die while actively employed by the Employer at any time after the Effective Date, but prior to Retirement, the Employer agrees to pay the Accrued Liability to the Officer's Designated Beneficiary in a lump sum on the first day of the second month following the month of death. If a valid Beneficiary Designation is not in effect, then the amount due pursuant to this Section 4.1 shall be paid to the Officer's Surviving Spouse. If the Officer leaves no Surviving Spouse, the amount due pursuant to this Section 4.1 shall be paid to the duly qualified personal representative, executor or administrator of the Officer's estate.

Payments in the Event of Death Prior to Retirement. In the event the Officer should die while actively employed by the Employer at any time after the Effective Date, but prior to Retirement, the Employer agrees to pay the Accrued Liability to the Officer's ’s Designated Beneficiary in a lump sum on the first day of the second month following the month of death. If a valid Beneficiary Designation is not in effect, then the amount due pursuant to this Section 4.1 shall be paid to the Officer's ’s Surviving Spouse. If the Officer leaves no Surviving Spouse, the amount due pursuant to this Section 4.1 shall be paid to the duly qualified personal representative, executor or administrator of the Officer's ’s estate.