Surviving Spouse Benefit Sample Clauses

Surviving Spouse Benefit. ‌ (a) In the event a Participant dies prior to attaining his Benefit Commencement Date and is survived by a spouse to whom he has been legally married for all of the preceding 365 days, a monthly Surviving Spouse Benefit shall be payable to such spouse commencing with the later of the first day of the month coinciding with or next following the month during which the Participant's death occurs, or the first day of the month coinciding with or next following the month during which the Participant would have reached the applicable Early Retirement Date or Normal Retirement Date had he lived, and ending with the benefit for the month in which the spouse's death occurs. Notwithstanding the foregoing, no such distribution shall be made to the spouse prior to the date the Participant would have attained age 65 unless the spouse gives a written consent to the distribution, provided the consent is not required if the value of the Participant’s Individual Account is equal to or less than the Cash-Out Amount. (b) The actual amount of the Surviving Spouse Benefit will be the monthly annuity benefit provided by the annuity or annuities purchased with the amounts in the Participant's Individual Account, as provided in Article VI, Section 1. The type of annuity will be a straight life annuity for the life of the surviving spouse. (c) Notwithstanding the foregoing, a spouse entitled to a Surviving Spouse Benefit in accordance with the provisions of this Section 6 may elect a cash lump sum benefit in an amount equal to the balance of the Participant's Individual Account, as provided in Article VI, Section 1. For the purpose of the preceding sentence, the spouse's election to receive a surviving spouse benefit under the Pension Plan in a lump sum shall be treated as an election of a lump sum under this Plan. The Directors shall send each surviving spouse a written explanation of the terms and conditions of the Surviving Spouse Benefit and of the spouse's right to elect a cash lump sum benefit hereunder. Any such election of the lump sum benefit in lieu of an annuity form shall be in writing and shall bear the notarized signature of the spouse. (d) For purposes of this Article V, Section 6 (and Article II, Section 4), a “spouse” or “surviving spouse” must submit proof that is satisfactory, in the sole discretion of the Directors, that he or she was previously married to the Participant and must also certify that no legal divorce or separation occurred prior to the Participa...
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Surviving Spouse Benefit. (a) In the event a Participant who (1) has a vested interest in the Plan (within the meaning of Article II, Section 3); (2) dies after August 22, 1984, and prior to attaining his Benefit Commencement Date; and (3) is survived by a spouse to whom he has been legally married for all of the preceding three hundred sixty-five (365) days;
Sample 1
Surviving Spouse Benefit. The surviving spouse and/or dependents shall be entitled to continued benefit coverage in the Board’s benefit plan, as per the Collective Agreement, for a period of one year following the date of death of anyone covered by this Collective Agreement. The board will assume 100% of the cost of the premiums from September 1, 2008 – August 31, 2010. As of September 1, 2010, the cost of the premiums will be assumed by the Provincial Discussion Table benefit enhancements.
Sample 1
Surviving Spouse Benefit. If tile Participant has 15 years of continuous service as of July 31, 2004, the Participant shall be eligible for a Surviving Spouse Benefit as provided in Article 4 of Schedule A based on the pension amount provided in paragraph (a) of this section. In the event that a Participant's retirement pursuant to the retirement enhancement program has been deferred by WPSC, and such Participant dies prior to his actual retirement, there shall be paid in respect of such a Participant a special payment of $10,000 to the Participant's surviving spouse, if any, or the Co-Pensioner if such option was elected by such Participant for the regular pension. ATTACHMENT B WHX shall maintain the "Required Credit Balance" throughout the term of this agreement as follows. WHX shall make such additional contributions to the WHX Pension Plan that are necessary to insure that the WHX Pension Plan's Required Credit Balance is preserved as of the end of each Plan Year.
Sample 1
Surviving Spouse Benefit 
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Related to Surviving Spouse Benefit

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • 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 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.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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