Distributions at Death. If a Participant dies at a time when he or she has a vested Account balance, this Section shall apply with respect to such vested Account balance.
Distributions at Death. (a) If the Employee dies before the Employee's "required beginning date" as defined in Code Section 401(a)(9)(C) the Employee's entire remaining balance, if any, shall be distributed to the Beneficiary or Beneficiaries designated by the Employee in accordance with Section 6.8. Distribution shall be made, at the election of the Beneficiary, in cash or Fund shares as follows: (i) in one or more payments to be completed by the end of the fifth calendar year following the year of the Employee's death, or (ii) in equal or substantially equal monthly, quarterly or annual payments over a period certain not extending beyond the life expectancy of the Beneficiary. In determining the life expectancy of the Beneficiary, the life expectancy shall be recalculated annually if the Employee's surviving spouse is the Beneficiary, unless the Employee's surviving spouse elects otherwise, and shall not be recalculated if the Employee's Beneficiary is other than the surviving spouse. If distribution is to be made pursuant to subparagraph (ii) above, distribution shall commence no later than the end of the calendar year following the year of the Employee's death; provided however, that if the Employee's surviving spouse is the Beneficiary, distribution need not commence until the December 31 after the Employee would have attained age 70 1/2, if later. If the Employee's Beneficiary fails to elect a method of payment by the December 31 following the year in which the Employee died, distribution of the Employee's entire remaining interest shall be made to such Beneficiary in accordance with subparagraph (ii) above if the Beneficiary is the Employee's surviving spouse (or in the form of a single life annuity for the surviving spouse's lifetime if benefits had not begun prior to the Employee's death and the Custodial Account is subject to the joint and survivor annuity provisions in Section 205 of the Act as described in Section 6.4 above), and in accordance with subparagraph (i) above if the Beneficiary is other than the Employee's surviving spouse.
Distributions at Death. If the Director dies while in active service to the Bank or after Separation from Service but prior to receiving full payment of benefits due hereunder, the Bank shall distribute to the Beneficiary the benefit described in this Section 5.1. This benefit shall be distributed in lieu of any further benefits under Article 4.
Distributions at Death. In the event a Participant dies prior to distribution of his interest in the Plan, the Contractholder will determine the appropriate beneficiary(ies), the amount of the death benefit and the form in which it will be paid in accordance with the Plan and applicable law, and will direct the Insurance Company to make proper payment. In the event a Participant dies after an annuity has been purchased on his behalf, the death benefit, if any, will be made in accordance with the terms of the annuity certificate.
Distributions at Death
