DIRECTOR DIES PRIOR TO BENEFIT. AGE If (i) after such termination, the Director dies prior to attaining his Benefit Age, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(2) shall be controlling with respect to pre-retirement death benefits. The balance of the Retirement Income Trust Fund, measured as of the date of the Director's death, shall be paid to the Director's Beneficiary within thirty (30) days of the date the Administrator receives notice of the Director's death. The balance of the Director's Accrued Benefit Account (if applicable), measured as of the date of the Director's death, shall be paid to the Director's Beneficiary within thirty (30) days of the date the Administrator receives notice of the Director's death.
Appears in 8 contracts
Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
