Common use of Distributions Due to Death Clause in Contracts

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's Account determined on the Valuation Date on or next following the TPA's receipt of notice that such Member died; provided, however, that if such Member's Spouse had consented in writing to the designation of a different Beneficiary, the Member's Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's receipt of notice of the Member's death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's death and may not be changed or revoked after such Member's death. If such an election is not in effect at the time of the Member's death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) of the Member's death. Notwithstanding the foregoing, payment of a Member's Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's or Beneficiary's death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's or Beneficiary's estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's ’s Account determined on the Valuation Date on or next following the TPA's ’s receipt of notice that such Member died; provided, however, that if such Member's ’s Spouse had consented in writing to the designation of a different Beneficiary, the Member's ’s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's ’s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's ’s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's ’s receipt of notice of the Member's ’s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's ’s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's ’s death and may not be changed or revoked after such Member's ’s death. If such an election is not in effect at the time of the Member's ’s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's ’s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) of the Member's ’s death. Notwithstanding the foregoing, payment of a Member's ’s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's ’s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2702, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's ’s or Beneficiary's ’s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's ’s or Beneficiary's ’s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's Account determined on the Valuation Date on or next following the TPA's receipt of notice that such Member died; provided, however, that if such Member's Spouse had consented in writing to the designation of a different Beneficiary, the Member's Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's receipt of notice of the Member's death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's Member Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's death and may not be changed or revoked after such Member's death. If such an election is not in effect at the time of the Member's death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) of the Member's death. Notwithstanding the foregoing, payment of a Member's Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's or Beneficiary's death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's or Beneficiary's estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's ’s Account determined on the Valuation Date on or next following the TPA's ’s receipt of notice that such Member died; provided, however, that if such Member's ’s Spouse had consented in writing to the designation of a different Beneficiary, the Member's ’s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's ’s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's ’s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's ’s receipt of notice of the Member's ’s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's ’s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's ’s death and may not be changed or revoked after such Member's ’s death. If such an election is not in effect at the time of the Member's ’s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's ’s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) of the Member's ’s death. Notwithstanding the foregoing, payment of a Member's ’s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's ’s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's ’s or Beneficiary's ’s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's ’s or Beneficiary's ’s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's ’s Account determined on the Valuation Date on or next following the TPA's ’s receipt of notice that such Member died; provided, however, that if such Member's ’s Spouse had consented in writing to the designation of a different Beneficiary, the Member's ’s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's ’s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.57.6, may receive, in lieu of any lump sum payment, payment in 5 five (5) annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) whereby the value of 1/5th of such Member's ’s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's ’s receipt of notice of the Member's ’s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's ’s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's ’s death and may not be changed or revoked after such Member's ’s death. If such an election is not in effect at the time of the Member's ’s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's ’s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) of the Member's ’s death. Notwithstanding the foregoing, payment of a Member's ’s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's ’s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's ’s or Beneficiary's ’s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's ’s or Beneficiary's ’s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's =s Account determined on the Valuation Date on or next following the TPA's =s receipt of notice that such Member died; provided, however, that if such Member's =s Spouse had consented in writing to the designation of a different Beneficiary, the Member's =s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's =s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.57.6, may receive, in lieu of any lump sum payment, payment in 5 annual five (5)annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's remaining life expectancy Life Expectancy is at least 10 years) whereby the value of 1/5th of such Member's =s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy Life Expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's =s receipt of notice of the Member's =s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's =s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's =s death and may not be changed or revoked after such Member's =s death. If such an election is not in effect at the time of the Member's =s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's =s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy Life Expectancy is at least 10 years) of the Member's =s death. Notwithstanding the foregoing, payment of a Member's =s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's =s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2702, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's =s or Beneficiary's =s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's =s or Beneficiary's =s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's ’s Account determined on the Valuation Date on or next following the TPA's ’s receipt of notice that such Member died; provided, however, that if such Member's ’s Spouse had consented in writing to the designation of a different Beneficiary, the Member's ’s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's ’s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's ’s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's ’s receipt of notice of the Member's ’s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's ’s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's ’s death and may not be changed or revoked after such Member's ’s death. If such an election is not in effect at the time of the Member's ’s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's ’s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy is at least 10 years) of the Member's Member‘s death. Notwithstanding the foregoing, payment of a Member's ’s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's ’s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2702, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's ’s or Beneficiary's ’s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's ’s or Beneficiary's ’s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's =s Account determined on the Valuation Date on or next following the TPA's =s receipt of notice that such Member died; provided, however, that if such Member's =s Spouse had consented in writing to the designation of a different Beneficiary, the Member's =s Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's =s death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.57.6, may receive, in lieu of any lump sum payment, payment in 5 annual five (5)annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) whereby the value of 1/5th of such Member's =s Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's =s receipt of notice of the Member's =s death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's =s Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's =s death and may not be changed or revoked after such Member's =s death. If such an election is not in effect at the time of the Member's =s death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's =s Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's ’s remaining life expectancy Life Expectancy is at least 10 years) of the Member's =s death. Notwithstanding the foregoing, payment of a Member's =s Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's =s Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2702, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's =s or Beneficiary's =s death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's =s or Beneficiary's =s estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's Account determined on the Valuation Date on or next following the TPA's receipt of notice that such Member died; provided, however, that if such Member's Spouse had consented in writing to the designation of a different Beneficiary, the Member's Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's death. If a Member is not married at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's receipt of notice of the Member's death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's death and may not be changed or revoked after such Member's death. If such an election is not in effect at the time of the Member's death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) of the Member's death. Notwithstanding the foregoing, payment of a Member's Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 70-1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's or Beneficiary's death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's or Beneficiary's estate.

Distributions Due to Death. Subject to the provisions of Section 7.3 above, if a married Member dies, his Spouse, as Beneficiary, will receive a death benefit equal to the value of the Member's Account determined on the Valuation Date on or next following the TPA's receipt of notice that such Member died; provided, however, that if such Member's Spouse had consented in writing to the designation of a different Beneficiary, the Member's Account will be paid to such designated Beneficiary. Such nonspousal designation may be revoked by the Member without spousal consent at any time prior to the Member's death. If a Member is not married mar ried at the time of his death, his Account will be paid to his designated Beneficiary. A Member may elect that upon his death, his Beneficiary, pursuant to this Section 7.5, may receive, in lieu of any lump sum payment, payment in 5 annual installments (10 if the Spouse is the Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) whereby the value of 1/5th of such Member's Units (or 1/10th in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) in each available Investment Fund will be determined in accordance with the Unit values on the Valuation Date on or next following the TPA's receipt of notice of the Member's death and on each anniversary of such Valuation Date. Payment will be made as soon as practicable after each Valuation Date until the Member's Account is exhausted. Such election may be filed at any time with the Plan Administrator prior to the Member's death and may not be changed or revoked after such Member's death. If such an election is not in effect at the time of the Member's death, his Beneficiary (including any spousal Beneficiary) may elect to receive distributions in accordance with this Article, except that any balance remaining in the deceased Member's Account must be distributed on or before the December 31 of the calendar year which contains the 5th anniversary (the 10th anniversary in the case of a spousal Beneficiary, provided that the Spouse's remaining life expectancy is at least 10 years) of the Member's death. Notwithstanding the foregoing, payment of a Member's Account shall commence not later than the December 31 of the calendar year immediately following the calendar year in which the Member died or, in the event such Beneficiary is the Member's Surviving Spouse, on or before the December 31 of the calendar year in which such Member would have attained age 70 1/2, if later (or, in either case, on any later date prescribed by the IRS Regulations). If, upon the Spouse's or Beneficiary's death, there is still a balance in the Account, the value of the remaining Units will be paid in a lump sum to such Spouse's or Beneficiary's estate.