Common use of Pre Retirement Survivor Benefit Clause in Contracts

Pre Retirement Survivor Benefit. Notwithstanding any provision hereof to the contrary, the Executive may elect at any time (and may revoke or modify any such election and/or make a new election, in each case at any time and from time to time prior to commencement of his benefits under Article II) that, in the event the Executive dies before distribution of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's designated beneficiary, starting on the first of the month immediately following the month in which the Executive dies, but in no event earlier than the date on which the Executive would have been eligible to commence receipt of his benefits under Article II had he terminated employment on the day immediately preceding his death, and ending with the payment for the month in which the death of such designated beneficiary occurs. Such monthly benefit shall be an amount equal to 50% or 100%, as elected by the Executive, of the monthly benefit the Executive would have received had he terminated employment on the day immediately preceding his death and commenced benefits on the date on which the benefit under this Section 3.2

Pre Retirement Survivor Benefit. Notwithstanding any provision hereof to the contrary, the Executive may elect at any time (and may revoke or modify any such election and/or make a new election, in each case at any time and from time to time prior to commencement of his benefits under Article II) that, in the event the Executive dies before distribution of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's designated beneficiary, starting on the first of the month immediately following the month in which the Executive dies, but in no event earlier than the date on which the Executive Execu tive would have been eligible to commence receipt of his benefits under Article II had he terminated employment on the day immediately preceding his death, and ending with the payment for the month in which the death of such designated beneficiary occurs. Such monthly benefit shall be an amount equal to 50% or 100%, as elected by the Executive, of the monthly benefit the Executive would have received had he terminated employment on the day immediately preceding his death and commenced benefits on the date on which the benefit under this Section 3.2