Common use of Pre-Retirement Death Benefit Clause in Contracts

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.