Alternative Forms of Benefit Payment. In lieu of the lump sum Retirement Benefit provided in Part 2, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include:
Alternative Forms of Benefit Payment. (i) A joint and survivor annuity of the Actuarial Equivalent Value equal to the Basic Benefit with payment continued to the survivor in the same amount as the amount paid to the Participant.
Alternative Forms of Benefit Payment. The Executive shall have the right upon becoming subject to the Plan to elect the form of payment in which his Vested Benefit is to be paid. The Executive shall designate the form of payment in which his Vested Benefit is to be paid in writing and shall submit such writing to the Executive Vice President or Treasurer of the Bank within [ ] months of the date of this Agreement. In any Calendar Year prior to the year in which amounts become payable hereunder, and at least six months prior to the Executive’s termination of employment, the Executive may change the form of payment he has elected. The Executive is entitled to receive the Vested Benefit in a lump sum or in monthly or annual installments payable over a period not to exceed five years.
Alternative Forms of Benefit Payment. The Executive shall have the right upon becoming subject to the Plan to elect the form of payment in which his benefit is to be paid. Such election shall be submitted in writing to the Executive Vice President or Treasurer of the Bank. In any Calendar Year prior to the year in which amounts become payable hereunder, and at least six months prior to the Executive’s termination of employment, the Executive may change the form of payment he has elected. In lieu of the annuity form of payment otherwise provided in this Agreement, upon request the Executive may obtain an Actuarially Equivalent form of payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan. Acceptable forms of payment presently include: • Lump Sum (but only with the permission of the Board) • Life Annuity • Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity
Alternative Forms of Benefit Payment. Upon becoming subject to the Plan, the Executive shall elect the form of payment by which his benefit is to be paid, PROVIDED that such form is a permitted form of benefit under the SBERA Pension Plan. In any Calendar Year prior to the year in which amounts become payable hereunder, and at least six months prior to the Executive's termination of employment, the Executive may change the form of payment he has elected. Acceptable forms of payment presently include:
Alternative Forms of Benefit Payment. The Executive shall have the right upon becoming subject to the Plan to elect the form of payment in which his benefit is to be paid. In any Calendar Year prior to the year in which amounts become payable hereunder, and at least six months prior to the Executive's termination of employment, the Executive may change the form of payment he has elected. In lieu of the annuity form of payment otherwise provided in this Agreement, upon request the Executive may obtain an Actuarially Equivalent form of payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan. Acceptable forms of payment presently include: - Lump Sum (but only with the permission of the Board) - Life Annuity
