Timing and Amount of Preretirement Enhanced Surviving Spouse Pension Sample Clauses

Timing and Amount of Preretirement Enhanced Surviving Spouse Pension. Payment of a Preretirement Enhanced Surviving Spouse Pension shall commence as of the first day of the month following the Plan 2 Participant's death. The last payment thereof shall be made as of the first day of the month in which the Spouse receiving the benefit dies. The Preretirement Enhanced Surviving Spouse Pension shall be one-half of the Pension which the Plan 2 Participant was actually receiving or would have received had he retired by reason of Disability prior to his death. However, if the Spouse is more than five years younger than the Plan 2 Participant, the Preretirement Enhanced Surviving Spouse Pension shall be reduced to the Actuarial Equivalent of the Pension which would have been payable under the assumptions that the Plan 2 Participant had been survived by a Spouse exactly five years younger and had died on his 62nd birthday, such determination to be made before consideration of the temporary 120-month supplement provided hereunder. If the Plan 2 Participant did not receive a Pension which commenced prior to July 1, 1981, and had accrued Credited Service under the Plan or Another Plan in at least one calendar year after 1971, the Preretirement Enhanced Surviving Spouse Pension payable the first 120 months of the Spouse's entitlement to such Pension shall be twice the monthly amount otherwise provided herein above.
Sample 1
AutoNDA by SimpleDocs
Timing and Amount of Preretirement Enhanced Surviving Spouse Pension. Payment of a Preretirement Enhanced Surviving Spouse Pension shall commence as of the first day of the month next following the Plan 4 Participant's death. The last payment thereof shall be made as of the first day of the month in which the Spouse receiving the benefit dies. The Preretirement Enhanced Surviving Spouse Pension shall be one-half of the Pension which the Plan 4 Participant was actually receiving or would have received had he retired by reason of Disability prior to his death (unless the Participant: (i) terminated Covered Employment before July 1, 1993 and (ii) had fewer than 450 Hours of Service in 1992 or 1993, in which case the Preretirement Enhanced Surviving Spouse Pension shall be one-half of the Deferred Pension which the Participant was actually receiving or would have received had he retired and commenced receiving a Deferred Pension prior to his death). However, if the Spouse is more than five years younger than the Participant, the Preretirement Enhanced Surviving Spouse Pension shall be reduced to the Actuarial Equivalent of the Pension which would have been payable under the assumptions that the Participant had been survived by a Spouse exactly five years younger and had died on his 62nd birthday, such determination to be made before consideration of the temporary 120-month supplement provided hereunder. If the Plan 4 Participant did not receive a Pension which commenced prior to January 1, 1983, and had accrued Credited Service under the Plan or Another Plan in at least one calendar year after 1971, the Preretirement Enhanced Surviving Spouse Pension payable the first 120 months of the Spouse's entitlement to such Pension shall be twice the monthly amount otherwise provided herein above.
Sample 1

Related to Timing and Amount of Preretirement Enhanced Surviving Spouse Pension

  • 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.

  • 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.

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • 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.

  • 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.

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • 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.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

Time is Money Join Law Insider Premium to draft better contracts faster.