DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay the Executive’s accrued liability retirement account to such individual or individuals as the Executive may have designated in writing and filed with the Bank. This assumes the Executive has met the vesting requirement (Subsection VII, below). In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Executive.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive attaining the age of sixty-five (65) years, then this agreement shall terminate upon the death of the Executive and no benefit shall be due to any beneficiary(ies) the Executive may have designated in writing and filed with the Bank.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank or CTFSC at any time after the date of this Agreement but prior to the Director attaining the age of sixty-five (65) years, the Bank will pay an annual benefit as set forth in Paragraph IV herein in either, at the discretion of the Bank, a lump sum discounted to present value as set forth in Subparagraph XI (K) or annual payments for a period of five (5) years to such individual or individuals as the Director may have designated in writing and filed with the Bank. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event of the death of the Executive prior to the commencement of the payment of his "Normal Retirement Benefit," or severance benefit, the Bank shall pay to the Executive's designated beneficiary or beneficiaries a monthly benefit equal to the Executive's "Normal Retirement Benefit" commencing on the first day of the month following the month in which the Executive's death occurs and continuing for a period of one hundred and eighty (180) months. In the absence of or failure of the Executive to designate a beneficiary, the monthly retirement payments shall be paid to the personal representative of the Executive's estate. In the event the Executive's death shall be the result of suicide on or before September 11, 1994, then no death benefits shall be payable to the Executive's designated beneficiary or his personal representative.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die at any time after the Effective Date of this Agreement, the Executive shall become one hundred percent (100%) vested in the value of the Executive’s Accrued Liability Retirement Account. The benefit shall be payable in a lump sum to the Executive’s Beneficiary within sixty (60) days of the Executive’s death.
DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $70,000 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180 months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide.
DEATH BENEFIT PRIOR TO RETIREMENT. Should the Executive die prior to the Normal Retirement Date (exclusive of Early Retirement or Severance as defined elsewhere, herein), Corporation agrees to pay to the Executive’s designated beneficiary on the first day of the month following the Executive’s death the sum of $4,150 for a continuous period of 180 months. Executive shall declare his designated beneficiary in writing on a form provided by the Corporation. In the event the Executive’s death shall be the result of suicide with a 24-month period following the effective date of this Agreement, then no death benefits shall be payable to the Executive or his designated beneficiary.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his attaining the age of sixty-two (62) years (or such later date as may be agreed upon), the Executive shall become 100% vested in the value of his accrued liability account. The benefit shall be payable in either, at the discretion of the Bank, fifteen (15) annual payments using a rate of return equal to the average one year Federal funds rate for the twelve (12) months immediately preceding the Executive’s date of death, or in a lump sum. Further, as set forth in this Agreement, the benefits shall be payable to such individual or individuals as the Executive may have designated in writing and filed with the Bank. The said monthly payments shall begin the first day of the month following the death of the Executive. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive’s death was caused by suicide on or before September 12, 2003.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank at any time after the date of this Agreement but prior to January 1, 2010 (or such later date as may be agreed upon), the Bank will pay a monthly benefit of Five Hundred Dollars ($500) for a period of One Hundred Twenty (120) months, or at the discretion of the Bank, a lump sum* reduced to present value as set forth in Subparagraph XI (K), to such individual or individuals as the Director may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.
DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to the Executive attaining the age of sixty-five (65) years, the Bank will pay the accrued balance on the date of death, of the Executive’s accrued liability retirement account in one (1) lump sum, the first day of the second month following the Executive’s death, to the Beneficiary, at which time this Agreement shall terminate. Said payment due hereunder shall be made by the first day of the second month following the decease of the Executive.
