Optional Benefit Sample Clauses

Optional Benefit. You may choose to replace any fixed extended insurance that has a net cash value by variable reduced paid-up insurance. To make this choice, you must do so in writing to us in a form that meets our needs, not more than three months after the date the contract goes into default. You must also send the contract to us to be endorsed. Cash Value Option.--You may surrender this contract for its net cash value. The net cash value at any time is the cash value at that time less any contract debt. To surrender this contract, you must ask us in writing in a form that meets our needs. You must also send the contract to us. here is how we will compute the case value for surrender of the contract or for its continuation under extended insurance or variable reduced paid-up insurance:
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Optional Benefit. A member may elect to receive a reduced retirement allowance with a provision that such reduced retirement allowance or such part thereof as may be specified by the member in her/his notice of election (either 3/4, 2/3, 1/2 or 1/3) shall be continued after her/his death to her/his spouse named in such election, for so long as her/his spouse lives. The reduced retirement allowance shall be in such amount as the City deems to be the actuarial equivalent of the retirement allowance that would have been payable had not the election of this option with the City been made prior to the time at which she/he becomes eligible for retirement, provided that such written notice of election is filed three (3) years before the member becomes eligible for retirement. She/he may be required to pass a physical examination at the time of making such election. It is the intention of this option that the City’s outlay for retirement benefits shall not be increased and that the amount payable to the member and her/his spouse under the option shall be the equivalent as actuarially determined of what the member alone would have received if she/he had not elected the option. This option is also intended to be patterned after such option available in the Connecticut State Municipal Employees Retirement Fund as it existed on the effective date of this pension plan.
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Optional Benefit. Plan (OBP)‌ The County shall provide each eligible full-time employee a contribution of $6,240 per fiscal year, prorated over 24 pay periods, toward the purchase of benefits included within the optional Benefit Plan (OBP). Each prorated contribution shall not be deemed earned until the pay period in which it is paid. These benefits are specifically defined in the OBP. Provisions generally include the following:
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Optional Benefit. You may choose to replace any extended insurance that has a cash value by reduced paid-up insurance. To make this choice, you must do so in writing to us and in a form that meets our needs, not more than three months after the due date of the premium in default. You must also send the contract to us to be endorsed.
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Optional Benefit. Franchised Dealer Repair Where you have paid an additional premium, and this is shown on Your Policy Schedule, Your policy is extended to provide cover for repairs conducted at franchised motor dealers, up to a maximum labour rate of £200 per hour including VAT at the prevailing rate.
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Optional Benefit. 4 – DELAY OF CHECKED-IN BAGGAGE
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Optional Benefit. An employee may elect to receive a reduced retirement allowance with provision that such reduced retirement allowance or such part thereof as may be specified by the employee in his notice of election (either 3/4, 2/3, 1/2/ or 1/3) shall be continued after his death to his spouse named in such election, for so long as his spouse lives. The reduced retirement allowance shall be in such an amount as the City deems to be the actuarial equivalent of the retirement allowance that would have been payable had not the election been made. The employee must file a written notice of election of this option with the City prior to the time at which he becomes eligible for retirement, provided that such written notice of election is filed within ninety (90) days before the employee becomes eligible for the retirement. He/she may be required to pass a physical examination at the time of making such election. It is the intention of this option that the City's outlay for retirement benefits shall not be increased and that the amount payable to the employee and his spouse under the option shall be the equivalent as accurately determined of what the employees would have received if he had not elected the option. This option is also intended to be patterned after such option available in the Connecticut State Municipal Employees Retirement Fund.
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Optional Benefit 
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Related to Optional Benefit

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit 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).

  • Actuarial Equivalent The Actuarial Equivalent of the payments from the SERP determined under that Plan and this subsection shall be determined by taking into account the reduction for early commencement of benefits imposed by that Plan and by using reasonable actuarial assumptions. For purposes of determining the lump sum actuarial equivalent, the corresponding actuarial assumptions provided in the Retirement Plan (or, to the extent not provided in that Plan, as provided under GATT) shall be used.

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