Survivor/Death Benefits Sample Clauses

Survivor/Death Benefits. Effective July 13, 2009, the City implemented the PERS contract amendment to include: (a) the Level 4 1959 PERS Survivor’s Benefit program (section 21574) and (b) the Pre-Retirement Optional Settlement 2 Death Benefit (section 21548).
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Survivor/Death Benefits. In the event of the death of a fully vested, active, permanent full-time unit employee, (1) the surviving spouse, or (2) unmarried, orphaned children under the age of 18 years may choose to receive a benefit equal to seventy five percent (75%) of sixty percent (60%) of the employee’s earnable compensation at the time of the employee's death. If there is no surviving spouse, and no qualifying surviving children, a solely dependent father/mother of the deceased employee may choose to receive the benefit equal to 75% of 60% of the employee’s earnable compensation at the time of the employee's death. If there is a surviving spouse who chooses to receive the spousal benefit described above, each child of the deceased permanent full-time unit employee will receive $300 per month until the child reaches age 18 or until the child is married. Benefits paid to unmarried, unit employee children under the age of 18 years shall continue until the earlier of the child's marriage or reaching the age of 18 years, unless the child is disabled, in which case the benefits will continue for the life of that child or during the presence of the disabling condition. An annual cost-of-living adjustment of three percent (3%) will apply beginning five years after the survival benefit begins. The total survival benefit (spouse plus children) will not exceed eighty percent (80%) of the deceased employee’s earnable compensation at the time of the permanent full-time unit employee’s death, and will result in the survivor's benefits being prorated. If death benefits are paid to any survivor, such benefits will be in lieu of the payment of the employee's contributions and earnings to the Defined Contribution Plan, and any employer contributions and earnings to which the employee had a vested right. In the event of the death of a non-fully vested, active, permanent full-time unit employee or in the event that a fully vested employee’s qualified survivors decline the benefits described above, the deceased employee’s designated beneficiaries will receive the employee's contributions and earnings to the Defined Contribution Plan, and any employer contributions and earnings to which the employee had a vested right. In the event of the death of an active, permanent full-time unit employee with no survivor entitled to a death benefit described above, the City will reimburse the employee's estate or the person paying for the employee's funeral expenses in an amount not to exceed $2,500 or one- h...
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Survivor/Death Benefits. Effective July 13, 2009, the City implemented the CalPERS contract amendment to include: (a) the Level 4 1959 PERS Survivor’s Benefit program (Section 21574) and (b) the Pre-Retirement Optional Settlement 2 Death Benefit (Section 21548).
Sample 1
Survivor/Death Benefits. Pre-retirement death benefits under the Pension Plan shall be payable to the participant's spouse, if the participant is married, unless such spouse has waived his or her right to this survivor annuity in favor of another beneficiary. If the participant is not married, the participant may designate another beneficiary.
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Related to Survivor/Death Benefits

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Accrued Benefits The term "Accrued Benefits" shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Lifetime Benefits This Letter of Understanding forms an integral part of the collective agreement, and is intended to continue in effect during the term of subsequent collective agreements to the extent provided for herein.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

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