Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $1,833.33 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.
Pre-Retirement Death Benefits. The City’s contract with XxxXXXX provides the benefit known as the pre-retirement death benefits to continue after remarriage of survivor as set forth in Government Code section 21551.
Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $2,000.00 per month for a continuous period of 120 months to such beneficiary or beneficiaries as are designated by the Director to the Bank in writing (the "Beneficiaries"). The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. Notwithstanding the foregoing, if the Director dies as a result of suicide on or before January 1, 1999, no benefits of whatever nature shall be payable to the Beneficiaries under this Agreement. In the event of the death of the last living Beneficiary before all the unpaid payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of six percent (6%) per annum compounded interest and shall be paid in a single sum to the estate of the last 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 six percent (6%) per annum compounded interest and shall be paid in a single sum to the Director's estate.
Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.
Pre-Retirement Death Benefits. If Employee dies (i) while actively employed by Employer on a full-time basis and prior to the commencement of Normal Retirement Benefits or (ii) after satisfying the requirements of a Disability Retirement but prior to the commencement of Disability Retirement Benefits, the Pre-Retirement Death Benefit will be paid in a single lump sum within sixty (60) days following Employee’s death.
Pre-Retirement Death Benefits. The City’s contract with CalPERS provides the benefit known as the pre-retirement death benefits to continue after remarriage of survivor as set forth in Government Code section 21551.
Pre-Retirement Death Benefits. (a) If a Participant dies before he or she has begun receiving benefits from the Plan, the Participant’s Beneficiary may elect to have the Participant’s Account paid in one of the following payment forms (check all that apply):
X Option 1: One lump-sum payment; □ Option 2: Equal monthly, quarterly, semi-annual or annual payments in an amount chosen by the Beneficiary, continuing until his or her Account is exhausted;
Pre-Retirement Death Benefits. Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 65th birthday, the Bank will pay $8,303 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.
Pre-Retirement Death Benefits. Should the Employee die prior --------- ----------------------------- to Retirement Age, the Bank will pay $6,375 annually for a continuous period of fifteen (15) years to her Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full year of service of the Employee occurring after July 1, 1990, except that there will be no increases in benefits after the Employee reaches Retirement Age and also no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Employee's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Employee's death shall be commuted on the basis of eight percent (8%) per annum compound interest and shall be paid in a single sum to the Employee's estate.
Pre-Retirement Death Benefits. (A) Before Age 55: if you die in active service after you complete a five-year period of service, your surviving spouse will automatically be eligible to receive a lifetime benefit from the plan. Payments will start on what would have been your normal retirement date. If your period of continuous service is at least 10 years when you die, your spouse can elect to have payments start as early as the first day of the month on or after the date that would have been your 55th birthday. The benefit payable would be equal to 50% of the benefit that would have been paid to you if you left your employment on the date of your death with a vested benefit and elected a 50% “Pop Up” joint and survivor annuity.
(B) After Age 55: If you die in active service after age 55 after completing a period of continuous service of at least five years, your surviving spouse will automatically be eligible for a benefit from the plan. The benefit payable would be equal to 50% of the pension you would have received if you had retired on the date of your death with a 50% contingent annuity. If you die after age 55 after completing a period of continuous service of at least 10 years, your beneficiary will be eligible to receive a benefit from the plan beginning on the first day of the month following your date of death.
