Pre-Retirement Death. The Company agrees that if the Officer dies while covered by the provisions of this Agreement and prior to commencement of Benefit payments under Article III below, the Company will pay the Officer's Beneficiary the Pre-Retirement Death Benefit. The Pre-Retirement Death Benefit shall be divided by twelve (12) and paid in monthly payments commencing on the first business day of the month following the month in which the Officer dies. The payment of such Pre-Retirement Death Benefit will be subject to the conditions and limitations set forth elsewhere in this Agreement. If the Officer's Beneficiary is entitled to receipt of the Pre-Retirement Death Benefit, the Officer's Beneficiary shall not be entitled to any other payments under this Agreement.
Pre-Retirement Death. In the event the Participant dies while employed by the Bank, but prior to the commencement of benefits under Section 1, Paragraph A (except on account of the Six Month Rule as defined therein), the Participant’s beneficiary as designated on the Beneficiary Designation Form (pursuant to the rules on beneficiary designations set forth in Paragraph 1.A.), shall receive a lump sum death benefit of $200,000. Such amount shall be payable no later than 60 days following the date of the Participant’s death. Upon payment of this amount, no further sums shall be due the Participant or his beneficiary.
Pre-Retirement Death. If the Participant continues to be employed by the Company and dies before his Normal Retirement, provided that a Participant who is not listed on Schedule A has five (5) Years of Plan Service, his Beneficiary shall receive a pre-retirement annual death benefit, which shall be paid, in lieu of the Plan Benefit, to his Beneficiary in a series of monthly payments for a period of ten years. For the first two years, the pre-retirement annual death benefit payment will be equal to 100% of the Final Compensation, and for the next eight years, the pre-retirement annual death benefit payment will be equal to 50% of the Final Compensation. The Benefit Commencement Date for a Plan Benefit as a result of the Participant's pre-retirement death shall occur on the first day of the month which is within ninety (90) days after the Participant's pre-retirement death.
Pre-Retirement Death. (i) If the Executive continues to be employed by the Company and dies before attaining age 65, his Beneficiary shall receive an annual death benefit that will be distributed in monthly payments for an 8-year period. The amount of each annual pre-retirement death benefit payment will be an amount equal to fifty percent of the Executive's Final Compensation.
(ii) If the Beneficiary dies before he receives all of the payments due to him, the balance of the payments due shall be paid to the Beneficiary's estate. The Committee, in its sole discretion, may authorize another distribution method (for example, a lump sum payment equivalent in value to the unpaid payments).
Pre-Retirement Death. The State employer shall, upon the death of an employee while in State service, continue to pay employer contributions for health, dental, and vision benefits for a period not to exceed 120 days beginning in the month of the employee’s death. The surviving spouse, if any, shall be advised of all rights and obligations during this period regarding the continuation of health and dental benefits as an annuitant by the California Public Employees’ Retirement System. The surviving spouse shall also be notified by the department during this period regarding COBRA rights for the continuation of vision benefits.
A. Employees in this unit who are members of the Public Employees Retirement System (PERS) will be covered under the Fifth Level of the 1959 Survivor’s Benefit, pursuant to Government Code Section 21574.7, which provides a death benefit in the form of a monthly allowance to the eligible survivor in the event of death before retirement. The benefit will be payable to eligible survivors of current employees who are not covered by Social Security and whose death occurs on or after the effective date of the memorandum of understanding for this section.
B. Pursuant to Government Code Section 21581(c), the contribution for employees covered under this new level of benefits will be $2.00 per month as long as the combined employee and employer cost for this program is $4.00 per month or less per covered member. If the total cost of this program exceeds $4.00 per month per member, the employee and the employer shall share equally the cost of the program. The rate of contribution for the State will be determined by the PERS Board, pursuant to Government Code Section 21581.
Pre-Retirement Death. (i) If the Executive continues to be employed by the Company and dies before attaining age 65, his Beneficiary shall receive an annual death benefit that will be distributed in monthly payments for a 10-year period. The first and second annual pre-retirement death benefit payments will be equal to one-hundred percent of the Executive's Final Compensation. The amount of each subsequent annual pre-retirement death benefit payment will be an amount equal to fifty percent of the Executive's Final Compensation.
(ii) If the Beneficiary dies before he receives all of the payments due to him, the balance of the payments due shall be paid to the Beneficiary's estate. The Committee, in its sole discretion, may authorize another distribution method (for example, a lump sum payment equivalent in value to the unpaid payments).
Pre-Retirement Death. Should you die prior to age sixty-five (65), but while in the employ of the Corporation, then for a period of twelve (12) consecutive months, the Corporation will pay "Benefit Income" of Three Thousand Dollars ($3.000) each month to your designated beneficiary(ies), or, if none, to your surviving spouse, or, if your spouse does not survive you, then to your surviving child or children in equal shares, or, if there is no surviving child, then to your estate. Payment of Benefit Income shall commence on the first day of the second calendar month following the date of your death.
a. In the event the beneficiary dies after you but while receiving Benefit Income, the beneficiary may designate a successor beneficiary to himself or herself as to any Benefit Income yet payable to him or her. In the absence of such designation, the remaining Benefit Income shall be paid to the estate of the beneficiary upon the beneficiary's death.
b. Beneficiaries designated may be changed at any time.
c. Beneficiaries shall be designated in writing accepted by the Corporation and executed by you in the presence of two (2) witnesses.
Pre-Retirement Death. Benefits to continue after remarriage of survivor as per Government Code Section 21551
Pre-Retirement Death. In the event the Participant dies prior to retirement while employed by the Bank, the Participant’s beneficiary as designated on the Beneficiary Designation Form (pursuant to the rules on beneficiary designations set forth in Sub-Paragraph 1.A.), shall receive a benefit payment hereunder for 120 months equal to the monthly amount payable at age 65 as specified in Paragraph 1.A. hereunder to a maximum of $200,000. Any beneficiary of the Plan may receive said payments in a single, unreduced, lump sum upon request to the Bank.
Pre-Retirement Death. Benefit shall be revised to read as follows:
(a) In the event the Employee dies prior to commencement of the supplemental retirement benefit under Section 2(b) above and while employed by the Company, a pre-retirement death benefit shall be paid to the Beneficiary in lieu of any payment pursuant to Section 2 above. The amount and form of such pre-retirement death benefit shall be pursuant to either (b) or (c) below, depending upon which subsection is determined by the Company to provide the larger benefit. Such determination shall be made by the Company by comparing the present values of the benefits as of the date of the Employee’s death, using as the applicable discount rate the interest rate that would be used under the Xxxx Company Retirement Income Plan “B” to calculate the amount of a lump sum distribution to be made on such date of death.
(b) The alternative pre-retirement death benefit payable pursuant to this subsection is comprised of ten (10) annual payments, the first being due as of the last day of the month following the month of the Employee’s death and the remaining payments being due on successive anniversaries of the first payment due date. The amount of each of the ten (10) payments shall be 4.8 times the Employee’s Average Monthly Compensation as of the Employee’s date of death (i.e., forty percent (40%) of the Employee’s Average Monthly compensation annualized).
(c) The alternative pre-retirement death benefit payable pursuant to this subsection is the benefit that would have been paid to the Beneficiary pursuant to Section 2(d) if the Employee had terminated employment immediately prior to the Employee’s death.
