Common use of Post-Retirement Death Benefit Clause in Contracts

Post-Retirement Death Benefit. Participant’s SERP Benefit shall be payable for ten (10) years. In the event that the Participant dies during the ten (10) year SERP Benefit distribution period, Participant’s Beneficiary, as designated pursuant to this Participation Agreement, will receive the present value of the remaining SERP Benefit distributions in a lump sum. For purposes of this Participation Agreement, the present value of the remaining SERP Benefit shall be calculated based on the discount rate found in Code Section 1274, in effect at the time of Participant’s death; discounted back from the Participant’s Normal Retirement Age. Such distribution under this subsection shall occur as soon as administratively feasible following Participant’s death, but no later than ninety (90) days, following such death.

Post-Retirement Death Benefit. Participant’s SERP Benefit shall be payable for ten (10) years. In the event that the Participant dies during the ten (10) year SERP Benefit distribution period, Participant’s Beneficiary, as designated pursuant to this Participation Agreement, will receive the present value of the remaining SERP Benefit distributions in a lump sum. For purposes of this Participation Agreement, the present value of the remaining SERP Benefit shall be calculated based on the discount rate found in Code Section 1274, in effect at the time of Participant’s death; discounted back from the Participant’s Normal Retirement Age. Such distribution under this subsection shall occur as soon as administratively feasible following Participant’s death, but no later than ninety (90) days, days following such death.

Post-Retirement Death Benefit. Participant’s SERP Benefit shall be payable for ten fifteen (1015) years. In the event that the Participant dies during the ten fifteen (1015) year SERP Benefit distribution period, Participant’s Beneficiary, as designated pursuant to this Participation Agreement, will receive the present value of the remaining SERP Benefit distributions in a lump sum. For purposes of this Participation Agreement, the present value of the remaining SERP Benefit shall be calculated based on the discount rate found in Code Section 1274, in effect at the time of Participant’s death; discounted back from the Participant’s Normal Retirement Age. Such distribution under this subsection shall occur as soon as administratively feasible following Participant’s death, but no later than ninety (90) days, days following such death.