Standard Death Benefit. If the Employee dies (i) while actively employed by MGE or (ii) after Separation from Service but before commencement of the Income Continuation Amount as calculated under Section 4 of this Agreement, MGE shall pay to the Employee's spouse or designated beneficiary, as set forth below, monthly for 120 months, in an amount determined as follows:
(a) With respect to an Employee who dies while actively employed by MGE, MGE shall pay to the Employee’s spouse or, if the Employee is not married on the Employee’s date of death, the Employee’s designated beneficiary, 100 percent [of the vested portion (determined under Section 3(b)(3))] of the Income Continuation Amount calculated under Section 3 of this Agreement as if:
(1) in the case of an Employee who dies before his or her 55th birthday, the Employee had attained age 55 and incurred a Separation from Service on the first day of the month following the date of his or her death (for the purpose of determining the Income Continuation Amount, including the Qualified Plan Benefit Payable);
(2) in the case of an Employee who dies on or after his or her 55th birthday, the Employee incurred a Separation from Service on the first day of the month following his or her date of death;
(3) the Employee's Average Earnings are his or her Average Earnings on the date of his or her death;
(4) [the Employee's Accumulations are his or her actual Accumulations on the date of his or her death;
(5) the interest rate used to convert the Employee's Accumulations to an annuity is the greater of 8 percent or the rate that would be used by the Pension Benefit Guaranty Corporation for a trusteed single-employer plan to value immediate annuities during the month of the Employee's death; and
(6) the mortality table used to convert the Employee's Accumulations to an annuity is the same mortality table used in the Retirement Plan for this purpose.]
(b) With respect to an Employee who dies after Separation from Service but before commencement of the Income Continuation Amount as calculated under Section 4 of this Agreement, MGE shall pay to the Employee’s spouse or, if the Employee is not married on the Employee’s date of death, the Employee’s designated beneficiary, 50 percent [of the vested portion (determined under Section 3(b)(3))] of the Income Continuation Amount the Employee would have received had the Employee survived until the commencement of the Income Continuation Amount. Such monthly amounts shall commence on the first business ...
Standard Death Benefit. If You die prior to the Annuity Payment Date, We will pay a death benefit. No death benefit is payable under this provision after the Annuity Payment Date. No Surrender Charge applies when We pay a death benefit. The amount of the standard death benefit equals the greater of:
Standard Death Benefit. If you are age 76 or older at the Issue Date of your Contract, the standard death benefit is the Account Value. If you are age 75 or younger at the Issue Date of your Contract, the standard death benefit will be the Return of Premium death benefit which is the greater of:
Standard Death Benefit. Unless otherwise provided by a rider to this contract, if the age of the oldest owner at the time the application is signed is 79 or younger, the death benefit is equal to the greater of 1 or 2 where:
Standard Death Benefit. The Standard Death Benefit is the greater of (1) and (2) where:
Standard Death Benefit. If the Employee dies while actively employed by MGE, MGE shall pay to the Employee's spouse or designated beneficiary, as set forth below, monthly for 120 months, in an amount determined as follows:
(a) With respect to an Employee who dies while actively employed by MGE, MGE shall pay to the Employee’s spouse or, if the Employee is not married on the Employee’s date of death, the Employee’s designated beneficiary, 100 percent of the Income Continuation Amount calculated under Section 3 of this Agreement as if:
(1) in the case of an Employee who dies before his 55th birthday, the Employee had attained age 55 and incurred a Separation from Service on the first day of the month following the date of his death (for the purpose of determining the Income Continuation Amount, including the Qualified Plan Benefit Payable);
(2) in the case of an Employee who dies on or after his 55th birthday, the Employee incurred a Separation from Service on the first day of the month following his date of death; and
(3) the Employee's Final Average Earnings are his Final Average Earnings on the date of his death.
(b) With respect to a former Employee who incurred an Early Termination and dies after Separation of Service, but before benefit commencement, the Ten-Year Certain and Life Annuity or the Optional Form of payment will be payable to the spouse or designated beneficiary. Such monthly amounts shall commence on the first business day of the month following the date on which such spouse or designated beneficiary notifies MGE in writing of the death of the Employee, but no later than the last day of the calendar year following the year of death. MGE may require such proof of the Employee's death as it deems advisable.
Standard Death Benefit. Unless otherwise provided by a rider to this contract, the death benefit is equal to the greatest of 1, 2 and 3, where:
Standard Death Benefit. If the Owner or any Joint Owner dies prior to the Annuitization Date, We will pay the death benefit upon Our receipt of required documents and Notice including due proof of death. Proof of death includes a certified copy of a death certificate, a certified copy of a court order, a written statement by a medical doctor, or other proof satisfactory to Us. The death benefit will be the accumulated value as of the Valuation Day on which We receive the required documents. The accumulated value will remain invested in the Investment Options until the Valuation Day on which We receive the required documents. If more than one beneficiary is named, each beneficiary's portion of the death benefit will remain invested in the Investment Options until the Valuation Day on which We receive the required documents for that beneficiary. We will pay interest on the death benefit from the first day the accumulated value is no longer invested in the Investment Options until payment is made. We will determine the rate of interest, which will not be less than the interest rate required by the applicable state's law. If the Owner or any Joint Owner dies prior to the Annuitization Date, the death benefit may be distributed in a lump sum or within five years of the date of death or distributed over a time period not extending beyond the life expectancy of the beneficiary as provided for in Internal Revenue Code (“IRC”) section 72(s), as may be amended from time to time. If payments are made over the life expectancy of the beneficiary, they must begin not later than one year after the date of death of the Owner or Joint Owner. If the Owner or Joint Owner dies on or after the Annuitization Date and before the entire interest in this contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as required under applicable federal tax laws, including, particularly, IRC section 72(s), as may be amended from time to time. Notwithstanding any provision to the contrary in this contract, any payment of death benefits must comply with all applicable laws, including IRC section 72(s), as may be amended from time to time.
Standard Death Benefit. On the Death Benefit Date but before the Annuitization Date, we will pay in a single sum to the Annuitant’s Beneficiary, unless a Contingent Annuitant has been named, entitled to receive such payment the amount of Standard Death Benefit payable. The amount of the Standard Death Benefit is the greater of:
Standard Death Benefit. The Death Benefit is the greatest of:
