Recovery of Benefits. In the event a Participant, Spouse, or Beneficiary receives a benefit payment from the Plan that is in excess of the benefit payment that should have been made to such Participant, Spouse, or Beneficiary, or in the event a person other than a Participant, Spouse, or Beneficiary receives an erroneous payment from the Plan, the Administrator or Employer shall have the right, on behalf of the Plan, to recover the amount of the excess or erroneous payment from the recipient. To the extent permitted under applicable law, the Administrator or Employer may, at its option, deduct the amount of such excess or erroneous payment from any future benefits payable to the applicable Participant, Spouse, or Beneficiary.
Appears in 10 contracts
Samples: Nonqualified Supplemental Deferred Compensation Plan (Carter Bankshares, Inc.), Nonqualified Supplemental Deferred Compensation Plan (Virginia Electric & Power Co), Nonqualified Supplemental Deferred Compensation Plan (Spirit of Texas Bancshares, Inc.)
