Class of Beneficiaries Sample Clauses

The 'Class of Beneficiaries' clause defines the specific group or category of individuals or entities who are entitled to benefit from a trust, contract, or legal arrangement. This clause typically outlines the criteria or characteristics that determine who qualifies as a beneficiary, such as family members, employees, or other designated parties. By clearly identifying the eligible beneficiaries, the clause ensures that the rights and interests under the agreement are allocated only to those intended, thereby preventing disputes and providing certainty regarding who may claim benefits.
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Class of Beneficiaries. (a) Each Plan may contain one or more classes of beneficiaries provided that, with respect to each Participating Employer (i) the members of one class of beneficiaries represent at least 25% of all the beneficiaries of the Trust who are employees of the Participating Employer within the meaning of s. 144.1(2)(d) the Income Tax Act (Canada), and (ii) at least 75% of the members of that class are not “key employees” of such Participating Employer within the meaning of s. 144.1(1) of the Income Tax Act (Canada); (b) No more than 25% of the members of a class of beneficiaries of a Plan may be “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada). No key employee shall have rights under a Plan that are more advantageous than the rights of the other members of the Plan; (c) No Plan may be operated or maintained primarily for the benefit of one or more “key employees” within the meaning of s. 144.1(1) of the Income Tax Act (Canada) or persons related to any such key employee.
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Related to Class of Beneficiaries

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Loss of Benefits Employees who are separated from the service by a discharge under other than honorable conditions, bad conduct, or dishonorable discharge shall not be entitled to any of the benefits of Section 3 through Section 9 of the Article (relating to military leaves without pay) except such vested rights as they may have acquired thereto by virtue of payments made into their retirement accounts.

  • CHANGE OF BENEFICIARY 18.1 The policyholder has the authority to appoint another beneficiary during the life of the insured person.. However, if the beneficiary has declared, with the written consent of the policyholder, that he accepts the benefit of the contract, the policyholder can exercise his rights under the contract only with the cooperation of the beneficiary, who has so accepted. The change will take effect from the moment that the insurer has noted this on the policy.