Reduced benefit Sample Clauses

Reduced benefit. Upon the death of the retired member, 100% of the retired member’s monthly allowance shall be continued throughout the life of and paid to the designated beneficiary. No changes may be made to the designated beneficiary after payment of the member’s first retirement allowance. If the beneficiary predeceases the retired member, no benefits will be payable after the retired member’s death.
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Reduced benefit. (Date last modified: 07-08) Participants who choose the reduced retirement benefit must meet the requirements in Section A as well as the following requirements. 1) Participants must have worked through May of the calendar year during which they qualify. 2) Participants must be currently employed by the district and have a minimum of (10) years continuous service with USD #264; have reached an age that fulfills the KPERS retirement options or age 55; and have an additional (5) five years of employment in USD #264 or another Kansas school district, or service with KPERS (such as designated city, county, or state employment). The amount paid to the participant shall be determined by subtracting the base of the salary schedule from the teacher's salary for the year in which application for early retirement is made. The difference in these two figures shall be multiplied by fifty percent (50%). These figures will determine the amount that will be paid annually to the participant. The annual payment shall then be divided by twelve (12) to determine the amount to be paid monthly until such time that the participant reaches sixty-five (65) or is deceased. Monthly payments will be made on normal pay dates for teachers, and in no event will they exceed the amount to which a participant would be entitled on account of normal retirement under the Social Security Act.
Sample 1

Related to Reduced benefit

  • 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.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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