Resolutions 1301 - Laserfiche WebLink

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~ -4- '+ -:.r . "'!~' >.. . (2) Subject to the prqvisions hereof, the Village agrees to pay Death Benefits to the Participant's designated beneficiary, or the Participant's estate, for 120 consecutive months. Commencing on the first day of the month following the Participant's death provided, however, in the sole discretion of the Village such payment may he in a lump-sum or installments over some period other than 10 years. (3) If a Participant has qualified to receive Deferred Compensation Payments and such Par1Jcipant dies before receipt of all 120 monthly payments, the Village agrees to continue to pay such monthly payments for the balance of the 120 month period to the Participant's designated beneficiary or the Participant's estate. (4) .A Partioipant may designate one or more beneficiaries and may name contingent beneficiaries to whom the benefits will be pay- able upon death of any designated beneficiary. The Participant will also havl3the righ~ to change his designation of beneficiaries. (5) In the event that a Participant 'sbeneficiaries die before all monthly benefit payments become payable to such beneficiaries, whether under (2) pI' (3) above, then the commuted value (at a rate of interest decided upon by the Village) of such monthly benefits will be paid by the Village to the estate of the last surviving beneficiary. (6) The Village may determine, by means of an irrevocable election to be execmted in writing at least 30 days prior to the Participant's retirement, in Ueu of the Deferred Compensation Payment provided in (c) (1)(i) to pay an actuarial equivalent series of payments on anyone of the following options: (a) a refund basis; (b) payments for 180 COnsecutive months and life thereafter: or (c) payments for his lifetime and thereafter during any remaining lifetime of a designated second person. In the event such an irrevocable election is made, the benefit provided in (c)(3) will be appropriately modified to provide for payments in the case of (a) above, the refund amount in a lump-sum, (b) above, for the balance of the 180 month period, and (c) above, for the balance of the remaining lifetime of the designated second person. In addition, the Village may choose, by means of an irrevocable election executed in writing at least 30 days prior to the Participant's retirement, in lieu of fluctuating payments, payments of a fixed amount or a combination of fixed and fluctuating payments.