Pre-Retirement Spouse’s Pension Sample Clauses

Pre-Retirement Spouse’s Pension. (a) Subject to Section 6.6, a Qualified Preretirement Survivor Annuity shall be paid to the surviving spouse of a Member or former Member who, after earning a nonforfeitable right to any portion of his Vested Pension, dies before his Annuity Starting Date. The term “
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Pre-Retirement Spouse’s Pension. Subject to Section 6.6, a Qualified Preretirement Survivor Annuity shall be paid to the surviving spouse of a Member or former Member who, after earning a nonforfeitable right to any portion of his Vested Pension, dies before his Annuity Starting Date. The term “Qualified Preretirement Survivor Annuity” means a pension providing for payment of a survivor annuity to his surviving spouse, if any, for the life of such surviving spouse equal to one-half (or 75% or 100%, if elected by the Member during the election period specified in Section 6.6) of the annuity which would have been payable for the life of the Member under a Joint and Survivor Annuity as described in Section 6.1. In the case of a Member who dies on or after the first date which could have been his Early Retirement Date but before his Annuity Starting Date, the Qualified Preretirement Survivor Annuity shall be based on the Joint and Survivor Annuity which would have been payable if the Member had retired and payments under the Joint and Survivor Annuity had commenced on the first day of the month following the date of his death. In the case of a Member who dies before the first date which could have been his Early Retirement Date, the Qualified Preretirement Survivor Annuity shall be based on the Joint and Survivor Annuity which would have been payable if the Member had terminated Service on the date of death, survived until the first date which could have been his Early Retirement Date, immediately began receiving payments under the Joint and Survivor Annuity and died on the day following such Early Retirement Date. Payment of a Qualified Preretirement Survivor Annuity shall commence on the first day of the month following the later of (i) the first month in which the Member could have retired on an Early Retirement Date, or (ii) the month in which the Member dies; provided, however, to the extent required by the Code and the Regulations, if the Actuarial Equivalent value of a Qualified Preretirement Survivor Annuity exceeds $5,000, it shall not commence to be paid prior to the date which is or would have been the Member’s Normal Retirement Date (had the Member lived) without the written consent of the Member’s surviving spouse. The consent of the Member’s surviving spouse must be obtained not more than 90 days (effective November 1, 2007, not more than 180 days) before commencement of the Qualified Preretirement Survivor Annuity. In the absence of consent, payment of the Qualified Preretireme...
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Related to Pre-Retirement Spouse’s Pension

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Dental Benefit (1) A confirmed staff shall be eligible for reimbursement of expenses incurred for restorative and preventive dental treatment up to $150 per calendar year.

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