Common use of Pre-Retirement Death Benefit Distribution Clause in Contracts

Pre-Retirement Death Benefit Distribution. In the event of Participant’s death prior to Normal Retirement, such Participant’s Beneficiary(ies) shall be entitled to a Pre-Retirement Death Benefit equal to the present value of the aggregate SERP Benefit payments, irrespective of any vesting provisions herein. This Pre-Retirement Death Benefit shall be distributed to Participant’s Beneficiary(ies) in a lump sum amount as soon as administratively feasible following the Participant’s death, but no later than ninety (90) days following such death. For purposes of this Agreement, the present value of the 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.