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HBI » Topics » 4.5 Payments Upon Death

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

4.5 Payments Upon Death

Notwithstanding any provision of Subsection 4.4 to the contrary, the following rules shall apply upon a Participant’s death:

 

  (a) RSSERP Benefit. If the Participant dies before complete payment of his or her vested RSSERP Benefit under Subparagraph 4.4(a), payment of his or her remaining RSSERP Benefit shall be made to his or her RSSERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death).

 

  (b) Pension SERP Benefit.

 

  (i) Death Before Commencement.

 

  (A) If a Participant Separates from Service before qualifying as a Retired Participant and dies before commencement of his or her Pension SERP Benefit, the Present Value of the Participant’s Pension SERP Benefit shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death).

 

  (B) If a Retired Participant dies before commencement of his or her Pension SERP Benefit payments, then the Present Value of his or her Pension SERP Benefit shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death).

 

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  (C) Death while Active. If a Participant dies while actively employed by the Corporation, the Present Value of the Participant’s Pension SERP Benefit attributable to the active death benefit, as determined under the Pension Plan, shall be paid to the Participant’s Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death). If such benefit is payable to the Participant’s surviving spouse, the Present Value shall be determined based on the surviving spouse’s age on the date of the Participant’s death. If such benefit is payable to a Pension SERP Beneficiary other than the Participant’s surviving spouse, the Present Value shall be determined as if such amount were payable to a spouse the same age as the Participant.

 

  (ii) Death After Commencement. If the Participant dies after commencement of his or her Pension SERP Benefit payments, the Present Value of the unpaid portion of his or her Pension SERP Benefit shall be paid to his or her Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event following the later of the end of the calendar year following the calendar year of his or her death).
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