Death Benefit. In the event that a married Participant dies while in the employment of the Company, for purposes of determining the amount of benefits payable under the Plan to the Participant’s surviving spouse, if any, the Participant shall be deemed to have # elected to receive payment of his Supplemental Retirement Benefit in the form of a Joint & Survivor Annuity (determined in accordance with [Section 3.2.2]) and # incurred a Separation from Service on the day immediately preceding the date of the Participant’s death. If a deceased Participant has attained age 55 at the time of his death, the survivor benefit portion of his Supplemental Retirement Benefit shall begin to be paid as of the first day of the month following the Participant’s death. In the event the Participant has not attained age 55, such benefit shall begin to be paid as of the first day of the month following the date the Participant would have attained age 55. In the event that a Participant dies while in the employ of the Company and does not have a surviving spouse, then, except as provided in [Section 3.2.3], the Company shall have no further liability or obligation under the Plan to the Participant or any person or entity claiming rights through the Participant (including his estate).
Joint and Survivor Annuity. At any time prior to the event thatdate of a marriedParticipant’s Separation from Service, a Participant dies while in the employment ofmay elect, by delivering written notice to the Company, for purposes of determining the amount of benefits payable under the Plan to have the Participant’s surviving spouse, if any, the Participant shall be deemed to have # elected to receive payment of his Supplemental Retirement Benefit paid in the form of a Joint &and Survivor Annuity (determined in accordance with [Section 3.2.2]) and # incurredeither a Separation from Service on the day immediately preceding the date of the Participant’s death. If a deceased Participant has attained age 55 at the time of his death, the50% or 100% survivor benefit portion of his Supplemental Retirement Benefit shall begin to be paid(as selected by the Participant), beginning as of the first day of the month following the Participant’s death. InSeparation from Service (but no earlier than the eventParticipant’s 55th birthday). Such election shall become irrevocable upon the Participant has not attained age 55, such benefitParticipant’s Separation from Service. Such Joint & Survivor Annuity shall begin to be paid asthe equivalent actuarial value of the first daynormal form of the month following the date the Participant would have attained age 55. In the event that a Participant dies while in the employ of the Company and does not have a surviving spouse, then, except asSupplemental Retirement Benefit provided in [Section 3.2.3]1], using the Company shall have no further liability or obligation underassumptions set forth in to Rider No. 1 of the Plan to the Participant or any person or entity claiming rights through the Participant (including his estate).Pension Plan.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.