Preretirement Death Benefits. Spouse’s benefit of 75% of projected normal retirement benefit, plus $200.00 for each child to age 18, prorated if necessary, with overall maximum benefit of 100% of projected normal retirement benefit.
Preretirement Death Benefits. If the preretirement death benefit provisions in Articles VI, VII, VIII, IX, and XII do not apply and a Participant dies before payments of retirement income to the Participant have commenced, there shall be paid to the Participant's designated Beneficiary in a lump sum an amount equal to the value of the Participant’s Account as of the date of the Participant’s death.
Preretirement Death Benefits. If the Executive dies while employed by the Company, other than by suicide within two (2) years of the date of this agreement, prior to attaining his/her retirement age of 65 years, the Company shall pay to such individual or individuals as the Executive shall have designated in writing filed with the Company, a benefit equal to that which would be available to the Company at the date of the Executive's death from the indexed life insurance policy referred to in paragraph 2 of this agreement at that time. Such payment shall be made in one lump sum or in equal monthly installments, as provided in the Executive's election filed with the Company. In the event that the Executive shall fail to designate a method of payment or any beneficiary, the benefit shall be paid in one lump sum to the person, or divided equally among all the persons, in the first of the following classes in which there shall be any survivors of the Executive;
(a) His/her spouse;
(b) His/her descendants, or
(c) His/her executors or administrators.
Preretirement Death Benefits. Unless the Participant makes a Qualified Election, his Eligible Spouse will be his designated Beneficiary. Upon the death of such Participant before his Distribution Date, 100% of his Account will be applied to purchase an annuity for the life of the Participant's designated Beneficiary, unless the designated Beneficiary elects a different form of benefit as provided in item (a) following:
(a) The designated Beneficiary, unless the Participant has directed otherwise, may elect to receive his distribution under a method described in Article VII.
(b) Distributions in other than the single payment form will be subject to the following conditions:
Preretirement Death Benefits. If an employee participant dies prior to retirement, regardless of age at the time of death, no death benefit shall be payable unless the participant: (i) was eligible to receive a retirement benefit on the date of death; or (ii) had at least ten (10) years of service on the date of death; and (iii) had an eligible spouse or a child on the date of death. The preretirement death benefit currently provided for in the adopted Retirement Plan shall be payable to a participant's eligible spouse or, if there is no eligible spouse, to a child. For the purposes of this section, a child shall be defined as an unmarried child up to the age of 19. Eligibility shall continue from the age of 19 through the age of 24 for a child who is enrolled as a full-time student in an accredited school and is unmarried. A full-time student is one taking at least twelve semester units (or equivalent hours) in a qualified college, university, or vocational school.
Preretirement Death Benefits. If a Participant dies before commencement of benefits, preretirement surviving spouse benefits will be payable under this Plan on behalf of the Participant regardless of whether his spouse would be eligible for a qualified preretirement survivor annuity from the NGPP.
(a) The death benefit will be the survivor benefit portion of a 100% joint-and-survivor annuity based on the benefit in Section 1.04, as adjusted for early commencement under Section 1.04(d)(1) or (3) and as limited by Section 1.05.
(b) Benefits will commence effective the first of the month following the death of the Participant or, if later, effective as of the earliest date a benefit would otherwise have commenced with respect to the Participant under the Plan. If, however, the Participant dies upon or prior to the expiration of the Agreement, the surviving spouse will immediately begin receiving the distribution of an unreduced benefit under the Plan effective as of the first of the month following the Participant’s death.
(c) Notwithstanding any provision of (b) above to the contrary, the Company may delay payment in the event there is a dispute as to whom payment is due until the dispute is settled.
(d) The benefit in (a) will be determined without regard to the limits in sections 401(a)(17) and 415 of the Code.
(e) No benefit will be payable under this Plan with respect to a spouse after the death of that spouse.
