Common use of Unclaimed Benefits Clause in Contracts

Unclaimed Benefits. If any benefit hereunder has been payable and unclaimed for four (4) years since the whereabouts or continued existence of the person entitled thereto was last known to the Committee, such benefit shall be placed in a segregated, interest-bearing suspense account with no further attempts to uncover the whereabouts of the person entitled thereto. The Committee shall rely upon notification from the Department of Health, Education and Welfare as to the whereabouts of such person when he applies for benefits under the Social Security Act. The four (4) year period may be extended by the Committee whenever, in its discretion, special circumstances justify such action. The Committee shall make a reasonable and diligent search for the Participant before any benefit is segregated. If a benefit is forfeited because the Participant or Beneficiary cannot be found, such benefit will be reinstated if a claim is made by the Participant or Beneficiary.