Common use of Post-Retirement Death Benefits Clause in Contracts

Post-Retirement Death Benefits. In the event that the Employee should die after becoming entitled to receive payments under Section I but before all such payments have been made, the Bank will make all remaining payments to such beneficiary or beneficiaries as the Employee has designated to the Bank in writing (the "Beneficiaries'). In the event of death of the last living Beneficiary before all unpaid payments have been made, the balance of any payments which remain unpaid at the time of the death of such Beneficiary shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of such beneficiary designation, any amount remaining unpaid at the Employee's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the Employee's estate.

Post-Retirement Death Benefits. In the event that the Employee --------- ------------------------------ should die after becoming entitled to receive payments under Section I 1 but before all such payments have been made, the Bank will make all remaining payments to such beneficiary or beneficiaries as the Employee has designated to the Bank in writing (the "Beneficiaries'"). In the event of the death of the last living Beneficiary before all unpaid payments have been made, the balance of any payments which remain unpaid at the time of the death of such Beneficiary shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of such beneficiary designation, any amount remaining unpaid at the Employee's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the Employee's estate.

Post-Retirement Death Benefits. In the event that the Employee --------- ------------------------------ should die after becoming entitled to receive payments under Section I 1 but before all such payments have been made, the Bank will make all remaining payments to such beneficiary or beneficiaries as the Employee has designated to the Bank in writing (the "Beneficiaries'"). In the event of death of the last living Beneficiary before all unpaid payments have been made, the balance of any payments which remain unpaid at the time of the death of such Beneficiary shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of such beneficiary designation, any amount remaining unpaid at the Employee's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the Employee's estate.