Spousal And Survivor Rights Apply. participant’s spouse has survivor rights that cannot be taken away without the spouse’s consent. Without such consent, if an employee dies and the employer pays the death benefits to a beneficiary other than the employee’s spouse, the spouse has a claim against the Bank and the Bank may be forced to pay the necessary additional amounts to provide the required benefits to the spouse.
Appears in 5 contracts
Samples: Executive Supplemental Compensation Agreement (Bank Holdings), Executive Supplemental Compensation Agreement (Bank Holdings), Executive Supplemental Compensation Agreement (Bank Holdings)