SERP Beneficiary definition

SERP Beneficiary means the person or persons designated by a Participant under the provisions of this SERP to receive his/her benefits in the event of his/her death prior to receipt of all benefits hereunder. If no person is designated by a Participant or the designated person or persons do not survive the Participant, the Participant’s SERP Beneficiary shall be his/her estate.
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SERP Beneficiary means the person or persons designated by a Participant under the provisions of the Supplemental Executive Retirement Plan to receive his benefits in the event of his death prior to receipt of all benefits hereunder.
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SERP Beneficiary means any person, persons, or entity designated by a SERP Member to receive any benefits payable in the event of the SERP Member’s death. If no SERP Beneficiary designation is in effect at the SERP Member’s death or if no person, persons, or entity so designated survives the SERP Member, the SERP Member’s surviving spouse, if any, shall be deemed to be the SERP Beneficiary; otherwise, the SERP Beneficiary shall be the personal representative of the estate of the SERP Member. In determining whether any person named as a SERP Beneficiary is living at the time of a SERP Member’s death, if such person and the SERP Member died in a common disaster and there is insufficient evidence to determine which person died first, then it shall be deemed that the SERP Beneficiary died first. Beneficiary designations in accordance with this Section must be in writing and filed with the SERP Committee.
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Examples of SERP Beneficiary in a sentence

  • If any Participant or SERP Beneficiary is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any such distribution or payment voluntarily or involuntarily, the Bank, in its discretion, may hold or cause to be held or applied such distribution or payment or any part thereof to or for the benefit of such Participant or SERP Beneficiary in such manner as the Bank shall direct.

  • If the Participant dies after commencement of his or her Pension SERP Benefit payments, the Present Value of the unpaid portion of his or her Pension SERP Benefit shall be paid to his or her Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event following the later of the end of the calendar year following the calendar year of his or her death).

  • The Liabilities in respect of Xxxxxxxx 66 SERP Beneficiaries under the COP SERP shall be assumed by the member of the Xxxxxxxx 66 Group which sponsors the Xxxxxxxx 66 SERP, effective as of the Effective Time; provided that such Liabilities in respect of each such Xxxxxxxx 66 SERP Beneficiary who is a Delayed Transfer Employee shall be assumed by such member of the Xxxxxxxx 66 Group effective as of close of business on the applicable Transfer Date.

  • If the Participant dies after commencement of his or her Pension SERP Benefit payments, the Present Value of any unpaid portion of his or her Pension SERP Benefit shall be paid to his or her Pension SERP Beneficiary in a lump sum in the fourth month following the Participant’s death.

  • The benefits payable under this Supplemental Plan to a SERP Member or his or her SERP Beneficiary shall be paid from the general assets of the Participating Employer that employed the SERP Member.

  • The SERP Member and his or her SERP Beneficiary shall be unsecured general creditors of such Participating Employer with no special or prior right to any assets of the Participating Employer for payment of any obligations hereunder.

  • Benefits will be provided to each SERP Member or SERP Beneficiary as specified in this Supplemental Retirement Plan.

  • These numbers are used for comparison purposes and to generate a total 3-year total for your organization.

  • Nothing contained in the Plan shall be deemed to create a trust of any kind for the benefit of the SERP Member or any SERP Beneficiary, or create any fiduciary relationship between the Participating Employer or the Company and the SERP Member or any SERP Beneficiary with respect to any assets of the Participating Employer or the Company.

  • The SERP Member or their SERP Beneficiary shall be an unsecured general creditor of such Participating Employer with no special or prior right to any assets of the Participating Employer for payment of any obligations hereunder.


More Definitions of SERP Beneficiary

SERP Beneficiary means the person or persons designated by a Member, in accordance with the terms of the Retirement Plan, to receive any amounts payable under the Retirement Plan after the death of the Member.
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Related to SERP Beneficiary

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • SERP Benefit means the benefit described in Section 5.1.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Accrued Benefit have the meanings specified in ERISA.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Beneficiary(ies means the individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Disability Benefit means the benefit set forth in Article 8.

  • Termination Benefit means the benefit set forth in Article 7.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Beneficiary Designation Form means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.