Death Prior to Separation from Service Clause Samples
The 'Death Prior to Separation from Service' clause outlines what happens to an employee's benefits or compensation if they pass away before officially leaving their position. Typically, this clause specifies how deferred compensation, retirement benefits, or other entitlements are handled, often directing them to a designated beneficiary or the employee's estate. Its core function is to ensure that the employee's accrued rights are protected and distributed appropriately in the event of death, thereby providing clarity and security for both the employer and the employee's heirs.
Death Prior to Separation from Service. If the Director dies prior to Separation from Service, the Beneficiary shall be entitled to a benefit equal to One Hundred Thousand Dollars ($100,000), provided that such benefit shall not exceed the Net Death Proceeds.
Death Prior to Separation from Service. If the Executive dies while employed by the Company, the Executive's Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars ($150,000), provided that such benefit shall not exceed the Net Death Proceeds.
Death Prior to Separation from Service. In the event Executive dies prior to Separating From Service, then there are no death benefits payable under this Agreement. Any such benefits would be payable pursuant to a Split Dollar Life Insurance Agreement, if any exists.
Death Prior to Separation from Service. I understand that if I die at any time while still employed with the Bank prior to attaining my Benefit Age, my Beneficiary will be entitled to 100% of my Accrued Benefit as a Survivor Benefit, whether or not I am fully vested in my Accrued Benefit at such time. My Survivor Benefit shall commence within 90 days following my date of death and shall be payable in a lump sum to my Beneficiary.
Death Prior to Separation from Service. If the Employee dies prior to Separation from Service, the Beneficiary shall be entitled to the lesser of (i) One Hundred Thousand Dollars ($100,000) or (ii) the Net Death Proceeds.
Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary/ies shall be entitled to a benefit equal, in the aggregate, to Seven Hundred Ninety-One Thousand Four Hundred Ninety-Six Dollars ($791,496).
Death Prior to Separation from Service. If Executive dies prior to Separation from Service, Executive’s Beneficiary shall be entitled to the Survivor’s Benefit. Such benefit shall be paid monthly in one hundred eighty (180) equal installments. The survivor’s benefit shall be equal to the Supplemental Retirement Income Benefit under Section 1.19 determined, in the case of a pre-retirement death, as if Executive retired on his Normal Retirement Date and commenced receiving benefits at such time. Notwithstanding anything to the contrary herein, the Survivor Benefit payable hereunder shall not be greater than the Supplemental Retirement Income Benefit that would have been payable to Executive at his Normal Retirement Date. The Survivor’s Benefit shall be payable in equal monthly installments for one hundred eighty (180) months. The first installment shall begin within thirty (30) days following the date of death of Executive.
Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to the amount shown on Schedule A minus the benefit amount paid to the Executive’s beneficiary designated in Agreement 2.
Death Prior to Separation from Service. In the event the Director dies prior to Separation from Service, the Bank shall pay the Beneficiary the Deferral Account balance in lieu of any other benefit hereunder. This benefit shall be paid to the Beneficiary as elected on the Benefit Payment Election Form commencing the month following the Director’s death.
Death Prior to Separation from Service. If a Participant dies before his or her Separation from Service and such Participant is survived by a spouse to whom he or she was married for at least one year immediately prior to the date of such Participant’s death, such surviving spouse shall be entitled to a survivor benefit hereunder. Such survivor benefit shall commence as soon as practicable after the Participant’s date of death, but in no event later than the 15th day of the third month following the end of the calendar year of the Participant’s death and shall be payable in the form of a single life annuity. The monthly amount of such survivor benefit shall be equal to the excess of (a) over (b) where:
(a) equals the monthly amount of the survivor benefit payable to the Participant’s surviving spouse under the Qualified Pension Plan, as determined under the terms and conditions of such plan, except that (i) such determination, computed as described in Section 4.1, shall disregard the restrictions under such plan which are imposed in accordance with Sections 415 and 401(a)(17) of the Code and shall include as compensation any Deferred Compensation Plan Deferrals, and (ii) such determination shall include any additional years of credited service specified in Section 5.1 for such Participant computed as described in Section 5.2; and
(b) equals the sum of (i) the monthly amount of the survivor benefit which is actually paid to such surviving spouse from such Qualified Pension Plan, as determined under the terms and conditions of such plan, including the restrictions under such plan which are imposed in accordance with sections 415 and 401(a)(17) of the Code and excluding any Deferred Compensation Plan Deferrals and any additional years of credited service specified in Section 5.1 for such Participant and (ii) for Participants entitled to a mid-career pension enhancement under Section 5, the monthly amount of the survivor benefit which is actually paid to such surviving spouse from any pension plan of the Participant’s previous employers, if any, whether qualified under Section 401 of the Code or not. In the event a surviving spouse eligible to receive a survivor benefit under this Section 7.2 dies before his or her actual benefit commences as set forth above, no benefit shall be payable hereunder.