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.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2
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.
Sample 1

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 such benefit is payable to a Pension SERP Beneficiary other than the Participant’s surviving spouse, the Present Value shall be determined as if such amount were payable to a spouse the same age as the Participant.

  • If a Participant Separates from Service before qualifying as a Retired Participant and dies before commencement of his or her Pension SERP Benefit, the Present Value of the Participant’s Pension SERP Benefit shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death).

  • If a Participant dies while actively employed by the Corporation, the Present Value of the Participant’s Pension SERP Benefit attributable to the active death benefit, as determined under the Pension Plan, shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than 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 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).

  • If a Participant Separates from Service before qualifying as a Retired Participant and dies before commencement of his or her Pension SERP Benefit, the Present Value of the Participant’s vested Pension SERP Benefit shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum in the fourth month following the Participant’s death, or if earlier, the date determined pursuant to Subparagraph 4.4(b)(i).

  • If a Retired Participant dies before commencement of his or her Pension SERP Benefit, the Present Value of the Participant’s Pension SERP Benefit shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum in the fourth month following the Participant’s death, or if earlier, the date determined pursuant to Subparagraphs 4.4(b)(i) or (ii).

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

  • 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.


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.
Sample 1

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.

  • 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.

  • 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 means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • 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 beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • 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.

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

  • 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.

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