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Sum Payable at Death Sample Clauses

Sum Payable at Death. (Before Annuity Payments Start): (a) The Contract Holder dies before Annuity payments start; and (b) The death certificate or due proof of death is received in Good Order at our Home Office. The sum payable will be the Current Value on the date when the notice is received in Good Order at our Home Office. The Beneficiary may choose to apply any sum under an Annuity Option (see 4.08), subject to any other terms and conditions of this Contract, or to receive a lump sum payment. Prior to any election, or until amounts must otherwise be distributed, the Beneficiary assumes all nonforfeitable rights under this Contract. If the Beneficiary is the Contract Xxxxxx's surviving spouse, the first Annuity payment or the lump sum payment may be deferred to a date not later than December 31 of the year in which the Contract Holder would have attained age 70 1/2 or such later date as may be allowed under federal law or regulations. The spouse may choose to treat this Contract as his or her own. If the Beneficiary is not the Contract Xxxxxx's surviving spouse, all of the Current Value must either be applied to an Annuity Option by December 31st of the year following the year of the Contract Xxxxxx's death or be paid to the Beneficiary by December 31st of the year containing the fifth anniversary of the Contract Xxxxxx's date of death. In no event may payments to any Beneficiary under an Annuity Option extend beyond the life of the Beneficiary or any period certain greater than the Beneficiary's life expectancy. If no Beneficiary exists, the payment will be made to the estate of the Contract Holder.
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Sum Payable at Death. (Before Annuity Payments Start): (I) The Company will pay any portion of the Individual Account(s) Current Value to the beneficiary when: (a) The Participant dies before Annuity payments start; and (b) The certified copy of the death certificate and a completed and signed election form is submitted to our Service Center. (II) A guaranteed death benefit is available if the beneficiary requests either a lump-sum payment or an Annuity option. In the case of a spousal beneficiary, a guaranteed death benefit is also available upon re-registration of the account in the spousal beneficiary’s name if a guaranteed death benefit amount, as described in (a) below, was not paid on the Participant’s death. For each Individual Account, the guaranteed death benefit is guaranteed to be the greater of: (a) The sum of all Net Purchase Payment(s) to the Individual Account, adjusted dollar for dollar for amount(s) surrendered, taken as a loan or applied to an income phase payment option; or (b) The Current Value of the Individual Account, minus any outstanding loan balance, plus the aggregate MVA, only if it is positive, on the date the notice of death and the request for payment are received in good order at our Service Center. The following language is hereby substituted for (II)(a) above if it would result in a higher death benefit for the Participant. The amount payable above to the beneficiary in (II)(a) is initially equal to the first Net Purchase Payment. This amount is then adjusted upon each subsequent Net Purchase Payment, loan repayment, partial surrender, or for any amount taken as a loan or any amount applied to an income phase payment option. The adjustment for subsequent Net Purchase Payments and loan repayments made will be dollar for dollar. The adjustment for amounts surrendered, taken as a loan or applied to an income phase payment option will be proportionate, reducing the sum of all Net Purchase Payments made in the same proportion that the Current Value, minus any outstanding loan balance, was reduced on the date of the partial surrender, loan or application to an income phase payment option. (III) If the amount of the death benefit in (II)(a) (under the applicable calculation method of the two methods described above) is greater than the amount in (II)(b), the Company will deposit to the Contract the amount by which the death benefit exceeds the Current Value, minus any outstanding loan balance. The amount paid to the beneficiary will equal the Current ...
Sample 1
Sum Payable at Death. (Before Annuity Payments Start): The Current Value payable under the terms of this section will be reduced by the amount of the accrued interest on any outstanding loan. Aetna will pay the Current Value to the beneficiary if: (1) The Participant dies before Annuity payments start; and (2) The notice of death is received in good order by Aetna. The sum paid will be the Current Value on the date the notice is received at Aetna's Home Office. The amount paid from the Fixed Account will not be less than the Net Purchase Payment(s) allocated to the Fixed Account under the Participant's Individual Account (less any prior transfers (see 3.12), surrenders, Maintenance Fees, or amounts used to purchase Annuity Options). The beneficiary, if a spouse, may choose to apply all or any portion of the payment to an Annuity Option. If the beneficiary is not a spouse, all of the payment must either be applied only to Annuity Option 1 or 2 within one year of the Participant's death, or be paid to the beneficiary within 5 years of the death of the Participant. (see Part IV). If no beneficiary exists, the payment will be made to the estate of the Participant.
Sample 1
Sum Payable at Death. (Before Annuity Payments Start) Aetna will pay to the beneficiary the value of the Individual Account in the case of a Defined Contribution Plan (see section 3.02), or the Participant's accrued benefit under the Plan in the case of a Defined Benefit Plan (see section 3.03), if: (a) the participant dies before Annuity payments start; and (b) the notice of death is received by Aetna.
Sample 1
Sum Payable at Death. (Before Annuity Payments Start): (a) The Participant dies before Annuity payments start; and (b) The notice of death is received by the Company. The sum paid will be the Current Value for the Valuation Period in which the notice is received in Good Order at the Company's Home Office.
Sample 1
Sum Payable at Death. If you die, any benefits due are payable as specified by the Plan. The program provides a death benefit, payable to the beneficiary named under the Plan .Your employer is the beneficiary, but may direct that we make any payments to the beneficiary you name under the plan (plan beneficiary). Distributions for all participants must begin in the form of periodic benefit payments no later than the April 1 following the calendar year in which you turn age 70½, or retire, whichever occurs later, or be made in a lump sum by the same date. The Plan will specify how the distribution is to be paid. Unless otherwise permitted by the ING Stable Value Fund, plan sponsor initiated transfers and withdrawals may not be made sooner than twelve (12) months from the date ING receives written notice of the request for withdrawal. If this provision is invoked, access to balances in the ING Stable Value Fund may be delayed.
Sample 1
Sum Payable at Death. Upon receipt of proof of the death of a Participant prior to the Annuity Commencement Date, Aetna agrees to pay certain Contract values to the beneficiary. If this is an Allocated Contract pursuant to Section 2.04, the payment at death will be the sum of the Participant's Individual Account. If this is an Unallocated Contract pursuant to Section 2.05, the payment at death will be his vested accrued benefit being held under this Contract. Any payment by reason of death may be taken in a lump sum or under any settlement options available in individual annuities then being issued by Aetna.
Sample 1
Sum Payable at Death. If the payee of the death proceeds is your (Before Annuity Payments surviving spouse (as your designated Start) (Cont'd): beneficiary), the first Annuity payment or the lump sum payment may be deferred to a date not later than when you would have attained age 70 1/2 or such later date as may be allowed under federal law or regulations. If the beneficiary is not the surviving spouse, all of the Current Value must either be applied to an Annuity Option within one year of your death or be paid to the payee within 5 years of your death (see Part IV). In no event may any payments to the beneficiary under an Annuity Option extend beyond: (a) The life of the payee determined as of the date payments are to commence; or (b) Any certain period greater than the payee's life expectancy as determined by regulations under Code Section 401 (a)(9) as of the date payments are to begin.
Sample 1

Related to Sum Payable at Death

  • Distribution at Death If the Executive dies prior to the payment of his or her Distributable Balance, the Executive’s Distributable Balance immediately shall become payable in full to the Executive’s Designated Beneficiary (as determined under paragraph 4) (irrespective of the payment date elected by the Executive in paragraph 3(b)). Payment shall be made at the time determined by the Company within sixty (60) days following the Executive’s death.

  • Termination Due to Death If the Optionee’s employment terminates by reason of the Optionee’s death, any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect.

  • Termination Due to Death or Disability The expiration of one (1) year from the date of the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any Option held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • Termination Due to Disability If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • Termination Upon Death or Disability If the Executive dies during the Term, the Term shall terminate as of the date of death. If there is a good faith determination by the Board that the Executive has become physically or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative period of 180 days within any 12-month period (a “Disability”), the Company shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in writing to the Executive. Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: (i) all accrued but unpaid Annual Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with hereof, (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein (the payments and benefits referred to in clauses (i) through (iii) above, collectively, the “Accrued Obligations”), (iv) any unpaid Annual Bonus in respect of any completed fiscal year that had ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred; (v) an amount equal to the target Annual Bonus, prorated to reflect the partial year of employment, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred (subject to Section 7.15 of this Agreement) and (vi) all outstanding equity (or equity-based) incentives and awards held by the Executive shall thereupon vest and become free of restrictions and all stock options shall be exercisable in accordance with their terms. Following the Executive’s death or a termination of the Executive’s employment by reason of a Disability, except as set forth in this Section 4, the Executive shall have no further rights to any compensation or any other benefits under this Agreement.

  • Termination upon Death This entire Agreement will terminate immediately without further action of the parties upon the death of a natural person who is a party to this Agreement, or a general partner of a partnership that is a party to this Agreement.

Most Referenced Clauses

Most Referenced Definitions