Named Beneficiary definition

Named Beneficiary means the person designated by a Member to receive a return of Accumulated Contributions or a Pension following the Member's death, pursuant to Article V or VI. The designation of Named Beneficiary shall be made in accordance with uniform and nondiscriminatory regulations adopted by the Trustees, and shall be effective upon receipt by the System.

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Named Beneficiary means the beneficiary or beneficiaries specifically named and identified on the Employee’s group life insurance policies with . In the event of multiple life insurance policies, the beneficiary designation(s) on the policy with the greatest dollar value will govern.

Named Beneficiary or “Designated Beneficiary” or “Beneficiary” shall mean any person or trust, or combination, as last designated by the Participant during his lifetime upon a “Beneficiary Designation Form” provided by the Employer and filed with the Committee, who is specifically named to be a direct or contingent recipient of all or a portion of a Participant’s benefits under the Plan in the event of the Participant’s death. Such designation shall be revocable by the Participant at any time during his lifetime without the consent of any Beneficiary, whether living or born hereafter. Unless expressly provided by law, the Named Beneficiary may not be designated or revoked and changed by the Participant in any other way. No beneficiary designation or beneficiary change shall be effective until received in writing and acknowledged according to established Employer procedures and practices. Should the Participant fail to designate the Named Beneficiary, the Named Beneficiary shall be the Participant’s estate.

Examples of Named Beneficiary in a sentence

• The Club will allow the membership to be transferred to a named heir with payment of a $1,000 Transfer Fee per Named Beneficiary and execution of Club Membership Documents.

• Tools lost will be replaced by the Employer at its expenses provided the loss is promptly reported to the Employer and is not due to negligence.

• The FOUNDATION will include this requirement in any sub-agreement with any Named Beneficiary; however, the FOUNDATION is not liable for any non-compliance by such Named Beneficiary, except that upon notice by the COUNTY to the FOUNDATION of any non-compliance by a Named Beneficiary, the FOUNDATION shall not distribute any further Millage funds to such Named Beneficiary until such non-compliance is cured, and the FOUNDATION will hold all such funds in escrow until such non-compliance is cured.

• Employer shall pay a pre-retirement death benefit to the Employee’s Named Beneficiary in a single lump sum amount equal to twice the Employee’s Base Salary.

• The FOUNDATION will provide the COUNTY with all applicable information that it receives from a Named Beneficiary but the FOUNDATION is not responsible for any such information provided by a Named Beneficiary.

• The COUNTY may terminate this MOA, and elect to exercise its discretion not to levy and collect this Millage, if there has been an un-remedied misuse of Millage funds by either the FOUNDATION or any Named Beneficiary, to the extent of the pro rata amount of Millage funds applicable to such entity responsible for such misuse.

• No member of the Board of Directors, the Company and no officer or employee of the Company shall be liable to any employee, Participant, Named Beneficiary or any other person for any action taken or act of omission in connection with the administration or operation of this Plan unless attributable to his or her own fraud or willful misconduct.

• The FOUNDATION shall hold any such funds otherwise distributable to a Named Beneficiary in escrow until such sub-agreement is entered into.

• Nor shall an Employer be liable to any employee, Participant, Named Beneficiary any other person for any such action taken or act of omission unless attributable to fraud, gross negligence or willful misconduct on the part of a director, officer or employee of the Employer.

• That the FOUNDATION will establish sub-agreements, which substantially comply with the requirements of this MOA, with each Named Beneficiary prior to distributing any of these Millage funds to such Named Beneficiary; provided, however, that the FOUNDATION shall not be liable for any Named Beneficiary’s non-compliance with such sub- agreements.

More Definitions of Named Beneficiary

Named Beneficiary at any time shall mean, pursuant to the election of an Optional Pension under 4.5, the person last designated by the Participant in writing to the Board to receive benefits payable under such election upon the death of the Participant or the Minimum Death Benefit, if any.

Named Beneficiary means the person designated by a Member to receive a return of Accumulated Contributions or a Pension following the Member's death, pursuant to Article V or VI. If an individual who has not attained the age of 18 years is designated as the Named Beneficiary, the designation will not become effective unless permitted by law. The designation of Named Beneficiary shall be made in accordance with uniform and nondiscriminatory regulations adopted by the Trustees, and shall be effective upon receipt by the System.

Named Beneficiary means a Beneficiary (as defined above in 1.4) which has been identified and selected by the Trustees in their discretion from time to time to receive grants, funding and other support from the Trust in accordance with the terms of this Deed and in furtherance of the Trust’s Objects.

Named Beneficiary means the person designated by a Member to receive a return of Accumulated Contributions or a Pension following the Member's death, pursuant to Article VIII, IX or X. If an individual who has not attained the age of 18 years is designated as the Named Beneficiary, the designation will not become effective unless permitted by law. The designation of Named Beneficiary shall be