Pension Benefits to Employee's Surviving Spouse Sample Clauses

Pension Benefits to Employee's Surviving Spouse. (a) In lieu of the monthly basic benefit otherwise payable, an employee who retires or is retired pursuant to the normal, early, total and permanent disability or occupational disability retirement provisions of this Article I, or who breaks seniority and is eligible for a deferred pension pursuant to the provisions of Section 2 of Article V hereof, shall be deemed to have elected automatically a reduced amount of monthly basic benefit to provide that, if the employee's designated spouse shall be living at the employee's death after such election shall have become effective, a survivor benefit shall be payable to such spouse during the spouse's further lifetime. In the event:
Sample 1
AutoNDA by SimpleDocs
Pension Benefits to Employee's Surviving Spouse. (a) In lieu of the monthly basic benefit otherwise payable, an employee who retires pursuant to the normal, early or total and permanent disability retirement provisions of this Article II, or who breaks seniority and is eligible for a deferred pension pursuant to the provisions of Section 2 of Article VII hereof, shall be deemed to have elected automatically a reduced amount of monthly basic benefit to provide that, if the designated spouse shall be living at the employee’s death after such election shall have become effective, a survivor benefit shall immediately be payable to such spouse commencing on the first of the month following the employee’s death and such survivor benefit shall be payable during the spouse’s further lifetime. In the event (1) such spouse predeceases such employee, or
Sample 1
Pension Benefits to Employee's Surviving Spouse. (a) In lieu of the monthly basic benefit otherwise payable, an employee who retires or is retired pursuant to the normal, early, total and permanent disability or occupational disability retirement provisions of this Article I, or who breaks seniority and is eligible for a deferred pension pursuant to the provisions of Section 2 of Article V hereof, shall be deemed to have elected automatically a reduced amount of monthly basic benefit to provide that, if the employee's designated spouse shall be living at the employee's death after such election shall have become effective, a survivor benefit shall be payable to such spouse during the spouse's further lifetime. In the event such spouse predeceases such employee; they are divorced by court decree, the terms of which do not expressly prohibit cancellation of the survivor annuity; or in the case of a common-law relationship, terminate their cohabiting and residing together; such employee may cancel the survivor benefit election and have the monthly basic pension benefit restored to the amount payable without such election, effective the first day of the second month following the month in which the Company receives (i) evidence satisfactory to the Company of the spouse's death, or (ii) such employee's written revocation of the election because of divorce or termination of their cohabiting and residing together, on a form approved by the Company and, if applicable, accompanied by evidence satisfactory to the Company of a final decree of divorce or termination of cohabitation. The automatic election provided in this subsection (a) shall become effective on the later of (i) the commencement date of the employee's monthly pension benefit if the employee is legally married, or (ii) the first day of the month following the month in which the employee and a member of the opposite sex, or effective October 19, 1999 a person of the same sex, have been living in a conjugal relationship for an immediately preceding continuous period of one year, and further provided that such one year period is completed not more than one year after the employee's retirement date. An employee may prevent the automatic election provided in this subsection (a); at the time of application for retirement benefits, by executing a specific written rejection of such election, which includes the written consent of the employee's spouse, on a form meeting the requirements of Applicable Pension Laws and approved by the Company and filing it with...
Sample 1

Related to Pension Benefits to Employee's Surviving Spouse

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • ' COMPENSATION BENEFITS In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • Long Term Disability Benefit In the event an employee, while covered under this plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Section 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows:

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

Time is Money Join Law Insider Premium to draft better contracts faster.