Distribution on Death Clause Samples
Distribution on Death. A distribution upon death will not be covered by this transitional rule unless the information in the designation contains the required information described above with respect to the distributions to be made upon the death of the Employee.
Distribution on Death. Death Benefit 8.2 Distribution on Death 8.3 Beneficiary Designation 8.4 Lack of Beneficiary 8.5 Death of Beneficiary
Distribution on Death. (a) Except as otherwise provided in this Plan, a Participant's Accounts shall be distributed in the event of death. In addition, and subject to the rules of Section 10.9 relating to life insurance, on the death or presumed death of a Participant or former Participant, the life insurance proceeds paid to the Trustee shall be paid to, or applied for the benefit of, the Participant or his designated beneficiary. Such payment or application shall be made in accordance with the provisions of this Article. Any portion of the death benefit not distributed shall be credited to the Participant's 401(k) Account and shall be fully allocated to the fixed income investment fund.
(b) In the event an unmarried Participant fails to designate a beneficiary, or if a Participant is pre-deceased by his designated beneficiary, the benefits hereunder shall be paid to the administrators or executors or the Participant's estate.
(c) Members of a class of beneficiaries shall cease to be entitled to benefits on the Plan Administrator's determination that no members of the class exist or the Plan Administrator's failure to locate any members of the class after making reasonable efforts to do so.
(d) The Recordkeeper and Trustee shall be under no obligation to commence payment on account of a Participant's death until the Plan Administrator has notified the Recordkeeper, in writing, of the death of such Participant or former Participant.
Distribution on Death. A. Profit-Sharing Plans and 401(k)
Distribution on Death