Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administr...
Pre-Retirement Death Benefit. If the Plan is not funded with life insurance, the pre-retirement death benefit shall be:
Pre-Retirement Death Benefit. (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, in lieu of any payment pursuant to Section 2 above, a pre- retirement death benefit shall be paid to the Beneficiary.
Pre-Retirement Death Benefit. The Participant may designate a Beneficiary for the Pre-Retirement Death Benefit in accordance with rules established by the Administrator. A Participant may change any prior Beneficiary designation, without notice to or consent of any previously designated Beneficiary, in accordance with rules established by the Administrator. In the absence of a Beneficiary designation or if the Beneficiary predeceases the Participant, the Beneficiary will be the death beneficiary designated by the Participant for purposes of the life insurance policy owned by the Employer on the life of the Participant or, if no such beneficiary is named or no life insurance policy exists, the Participant’s estate. If more than one person is the Beneficiary, each Beneficiary will receive equal divisible amounts of any death benefit payable, unless otherwise indicated on the applicable form.
Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment.
Pre-Retirement Death Benefit. 2.1 If the Termination of Employment of the Executive is on account of the Executive's death, a death benefit equal to fifty percent (50%) of the Executive's Base Annual Salary at the time of his death will be paid subject to the limitations under Article VII. This death benefit will be paid by the Company to the Beneficiary of the Executive each year for fifteen years (15) years. The amount to be paid each year will be paid in equal monthly installments beginning on the first day of the month following the date of the Executive's death and on the first day of each month thereafter. If Termination of Employment of the Executive is on account of any event other than death, no benefit will be paid by the Company under this Article II.
Pre-Retirement Death Benefit. If the Employee dies prior to:
Pre-Retirement Death Benefit. If the Executive was employed by the Bank at the time of death, the death benefit shall be $250,000. 2.5.2
Pre-Retirement Death Benefit. If the Participant was employed by the Company at the time of death, the death benefit shall be Two Times Base Annual Salary in effect at the his or her date of death, less $50,000 (from the Company’s existing group term plan), capped at a maximum of $470,000 (Four Hundred Seventy Thousand Dollars).
Pre-Retirement Death Benefit. 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 form of such pre-retirement death benefit shall be five (5) 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 five (5) payments shall be the greater of (i) forty percent (40%) of the Employee’s Average Monthly Compensation, annualized, as of the Employee’s date of death and (ii) the actuarial equivalent (payable in the five (5) installment method above) of 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. Such actuarial equivalent shall be determined by the Company 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.
