Common use of RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT Clause in Contracts

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement, the Bank, commencing with the first day of the month following the date of such retirement, shall pay the Director a monthly benefit of five hundred dollars ($500). Said benefit shall be paid for a period of one hundred twenty (120) months; provided, that if less than one hundred twenty (120) such monthly payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such monthly payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of one hundred twenty (120) monthly payments have been made, or make the total amount of said payments due in a lump sum* reduced to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement, the Bank, commencing with the first (1st) day of the month following the date of such retirement, shall pay the Director a monthly an annual benefit of five hundred dollars amount equal to Twelve Thousand and 00/100 Dollars ($50012,000.00). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) for a period of one hundred twenty eighty (120180) months; provided, that if less than one hundred twenty eighty (120180) of such monthly payments have been made prior to the death of the Director, the Bank shall either, at make the discretion total amount of the Bank, continue said payments due in a lump sum reduced to present value as set forth in Subparagraph XI(K) to such monthly payments to the individual or individuals as the Director may have designated in writing and filed with the Bank until Bank. Said payment shall be made on the full number first day of one hundred twenty (120) monthly payments have been made, or make the total amount second month following the death of said payments due in a lump sum* reduced to present value as set forth in Subparagraph XI (K) to said beneficiary(ies)the Director. In the absence of any effective beneficiary designation, any such amounts amount becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder payment shall begin be made on the first day of the second month following the decease death of the Director.