Survivor Income Benefit Sample Clauses

Survivor Income Benefit. The Employer agrees to contribute 50% of the premiums for the Plan currently in effect on the date of ratification.
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Survivor Income Benefit. A full-time employee with eligible dependents is eligible for insurance and shall be insured on the first day of the month next following the later of:
Sample 1
Survivor Income Benefit. A full-time employee with eligible dependents is eligible for insurance and shall be insured on the first day of the month next following the later of: six (6) months’ continuous full-time employment with the Employer; or the date on which the employee acquires an eligible dependent. Where a single employee marries, the insurer shall require the employee to submit evidence of health. Where such evidence of health is not satisfactory to the insurer, the effective date of coverage for such employee shall be the first day of the month following the first anniversary of the marriage. Eligible dependent shall mean: the spouse of an employee, except for a spouse who is both estranged from the employee and not dependent on for support; and any dependent child of a married employee or of a widowed, widowered or divorced employee, including a stepchild or legally adopted child, who has not attained age eighteen (18). The insurance for an insured employee who becomes totally disabled before normal retirement age, will be continued without payment of premiums during the continuance of total disability until the employee recovers or attains normal retirement age. The insurer shall reserve the right to require the employee to submit to physical examination by physicians designated by it. Total disability means continuous disability which, during the first two (2) years of total disablement prevents an employee from performing any and every duty pertaining to the employee’s own occupation and thereafter from engaging in any occupation for which the employee is fitted through education, training or experience. The coverage shall terminate at the earliest of the following dates: the 15th day following the date of termination of employment with the Employer; the date of the employee's retirement or early retirement Pension under the Employer's Pension Plan: the date on which the employee attains normal retirement age; the date on which the employee ceases to have any eligible dependents; the date of re-marriage of a surviving spouse. On the death of an insured employee, a monthly benefit will be payable to spouse and/or children under age of eighteen (18). This benefit will be payable until the later of: the date of death or re-marriage of the spouse; or the date on which the youngest eligible child attains age eighteen (18). The amount of the monthly benefit,subject to the last paragraph in this Article will be one-twelfth of the greatest of: $600.00; or of the employee's...
Sample 1
Survivor Income Benefit. Provided the Bank receives payment from the insurance policy insuring Executive’s life, the Bank shall pay to the Executive’s designated beneficiary(ies), in a single lump sum, the survivor income benefit of $25,000 in the event of the death of Executive under the following circumstances: (a) the death occurs while the Executive is employed by the Bank; (b) the death occurs following a voluntarily or involuntarily termination (exclusive of Termination for Cause) of Executive’s employment with the Bank during the 24 month period following a Change in Control; (c) the death occurs following the termination of Executive’s employment due to Disability and Executive has not recovered from such Disability at the time of death; or (d) the death occurs after Executive reaches Normal Retirement Age. The Bank shall make the payment within ninety (90) days of the presentation of claim and affirmative determination of the right to such benefit, pursuant to Article 5 hereof.
Sample 1
Survivor Income Benefit. 19.1 If you are not retired on pension and at your death are survived by an eligible survivor, a monthly survivor income benefit will be payable as described below: CLASS “A”' - FOR MALE EMPLOYEES - your widow, but only if she was legally married to you for at least one year immediately prior to your death. CLASS "B" - FOR FEMALE EMPLOYEES - your widower, but only if:
Sample 1
Survivor Income Benefit. If you are not retired on pension and at your death are survived by an eligible survivor, a monthly survivor Income Benefit will be payable as described below: Class "A" for Employees your widow or widower, but only if she or he was legally married to you or in a common law relationship with you, as recognized under British Columbia law, for at least one year immediately prior to your death. Class "B" - Your Child or Children who at the time a Transition Benefit first becomes payable to him/her is both unmarried and under 21 years of age. A child shall cease to be a Class "B" eligible survivor upon marrying or upon reaching his or her 21st birthday. Class "C" - Your Parent (Or Parents) for whom you had, during the calendar year preceding your death, provided at least 50% of the parent's support. A monthly Transition Benefit of $175.00 shall be payable for any month for which you have an eligible survivor. Payments begin on the first day of the calendar month following your death and continue for not more than twenty-four (24) months. On each date as of which a payment is payable, payment shall be made to your then surviving Class "A" survivor, if any, otherwise in equal shares to your then surviving Class "B" survivors, if any, otherwise in equal shares to your then surviving Class "C" survivors. In the event a payment has been made to the Class "C" survivor, no payments may thereafter be made to a Class "B" survivor. If on the date a payment would otherwise be made, there is no eligible survivor entitled to receive payment, no further Transition Benefit payments shall be made. Subject to the exception below, a monthly Bridge Benefit of $175.00 will be paid to your surviving Class "A" survivor, if any, commencing one month after the 24th monthly Transition Benefit payment was made. However to qualify for the Bridge Benefit it is necessary that your Class "A" survivor has, on the date of your death, attained age 50, but had not attained age 60 and received 24 monthly Transition Benefit payments. This benefit will continue while there is a Class "A" survivor, but not beyond the earlier to occur of the following:
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Survivor Income Benefit. A. Transition Benefit
Sample 1
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Survivor Income Benefit 
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Related to Survivor Income Benefit

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • 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.

  • JOINT AND LAST SURVIVOR ANNUITY We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. Annuity Payments cease with the final Annuity Payment due prior to the last survivor's death. Option 4 -- Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed -- We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. If at the last death of the Annuitant and the Joint Annuitant, there have been less than 10 years of Annuity Payments made as selected, Annuity Payments will continue to be made for the remainder of the Guaranteed Period. You may elect to have the present value of the guaranteed Variable Annuity Payments remaining, as of the date due proof of the Annuitant's death is received at our Annuity Service Office, commuted at the Assumed Investment Return selected. We will require the return of this Contract and proof of death prior to the payment of any commuted values. ANNUITY -- You can elect to have the Annuity Option payable as Fixed Annuity Payments or Variable Annuity Payments or a combination. Fixed Annuity Payments are guaranteed as to dollar amount. Variable Annuity Payments will reflect the investment experience of the Separate Account in accordance with the allocation of the Account Value to the Subaccounts. Unless another payee is designated, you will be the payee of the Annuity Payments. The Adjusted Account Value will be applied to the applicable Fixed and/or Variable Annuity Tables to determine your first Annuity Payment. The Adjusted Account Value is determined on the Annuity Calculation Date which is a Business Day no more than five Business Days prior to the Annuity Date. The Adjusted Account Value is the Account Value, less any Premium and Other Taxes or other applicable taxes and less the Account Fee. The amount of the first payment for each $1,000 of Adjusted Account Value is shown in the Annuity Tables. FIXED ANNUITY -- Fixed Annuity Payments are based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Fixed Annuity Option Table. If, as of the Annuity Calculation Date, the then-current Fixed Annuity Option rates applicable to this class of contracts provide an Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, then the greater payment will be made. The dollar amount of the first Variable Annuity Payment is determined as follows. The first Variable Annuity Payment will be based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Variable Annuity Option Table. If, as of the Annuity Calculation Date, the then current Variable Annuity Option rates applicable to this class of Contracts provide a first Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, the greater payment will be made. The dollar amount of Variable Annuity Payments for each applicable Subaccount after the first payment is determined as follows:

  • 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.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

  • 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.

  • 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.

  • Net Benefit A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

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