Common use of Death During DROP Participation Clause in Contracts

Death During DROP Participation. Except as otherwise provided in subsection L, if an employee participating in the DROP dies either: (i) before full retirement (i.e., before termination of service); or (ii) during full retirement (i.e., after termination of service) but before the DROP account balance has been fully paid out, the Participant’s designated beneficiary(ies) shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Subsection I). In the event the Participant has failed to name a beneficiary, the account balance shall be payable to the Participant’s beneficiary of benefits from the Fire and Police Retirement System. If there is no such beneficiary, the account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Fire and Police Retirement System shall be determined as though the DROP Participant had separated from service on the day prior to the Participant’s date of death.

Death During DROP Participation. Except as otherwise provided in subsection L, if an employee participating in the DROP dies either: (i) before full retirement (i.e., before termination of service); or (ii) during full retirement (i.e., after termination of service) but before the DROP account balance has been fully paid out, the Participant’s designated beneficiary(ies) shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Subsection I)methods. In the event the Participant has failed to name a beneficiary, the account balance shall be payable to the Participant’s beneficiary of benefits from the Fire and Police Retirement System. If there is no such beneficiary, the account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Fire and Police Retirement System shall be determined as though the DROP Participant had separated from form service on the day prior to the Participant’s date of death.

Death During DROP Participation. Except as otherwise provided in subsection Subsection L, if an employee participating in the a DROP Participant dies either: (i) either before full retirement (i.e., before termination of service); , or (ii) during full retirement (i.e., after termination of service) ), but before the DROP account balance has been fully paid out, the Participant’s designated beneficiary(ies) beneficiary or beneficiaries shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Subsection I). In the event the Participant has failed to name a beneficiary, the DROP account balance shall be payable to the Participant’s beneficiary of benefits from the Police and Fire and Police Retirement System. If there is no such beneficiary, the DROP account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Police and Fire and Police Retirement System shall be determined as though if the DROP Participant had separated from service on the day prior to the Participant’s his or her date of death.