ALTERNATIVE PAYMENT PLANS Clause Samples
ALTERNATIVE PAYMENT PLANS. If upon your death your beneficiary does not wish to elect one of the irrevocable annuity payment plans (A through E) described in the Contract, in lieu of distributing your entire interest in a lump sum, your designated beneficiary may choose to receive payments according to an alternative plan as agreed to by us provided:
(i) the beneficiary elects the plan within 60 days after we receive due proof of death;
(ii) if your sole designated beneficiary is your surviving spouse, your entire interest will be distributed, starting by the end of the calendar year following the calendar year of your death (or by the end of the calendar year in which you would have attained age 70 1/2, if later), over such spouse's life or life expectancy corresponding to such spouse's age each year. If your surviving spouse dies before required distributions commence to him or her, the remaining interest will be distributed, starting by the end of the calendar year following the calendar year of your spouse's death, over the spouse's designated beneficiary's remaining life expectancy determined using such beneficiary's age as of his or her birthday in the year following the death of the spouse;
(iii) if your designated beneficiary is someone other than your surviving spouse, your entire interest will be distributed, starting by the end of the calendar year following the calendar year of your death, over the remaining life expectancy of your designated beneficiary, with such life expectancy determined using the age of your beneficiary as of his or her birthday in the year following the year of your death and reduced by 1 for each subsequent year;
(iv) if you die before your Required Beginning Date and there is no designated beneficiary, or if elected by your designated beneficiary, your entire interest will be distributed by the end of
(v) the calendar year containing the fifth anniversary of your death (or of your spouse's death in the case of the surviving spouse's death before distributions are required to begin);
(vi) if you die on or after your Required Beginning Date and there is no designated beneficiary, your entire interest will be distributed, starting by the end of the calendar year following the calendar year of your death, over your remaining life expectancy determined using your age in the year of your death and reduced by 1 for each subsequent year; and
(vii) the life expectancy of your beneficiary is determined using the Single Life Table in Q&A-1 of Section 1.401(...
ALTERNATIVE PAYMENT PLANS. If upon your death your beneficiary does not wish to elect one of the irrevocable annuity payment plans (A through E) described in the contract, in lieu of distributing your entire interest in a lump sum, your designated beneficiary may choose to receive payments according to an alternative plan as agreed to by us provided:
ALTERNATIVE PAYMENT PLANS. The parties hereto have that the Company must be kept in a strong, competitive market position and be profitable by producing at the best possible efficiency and lowest costs consistent with fair labour standards and by achieving continuing and ongoing improvement. The Union has agreed to support the Company in attaining such objectives that through its profitability will the Company be able to provide the wages and benefits set out herein, a pleasant working environment and a safe workplace. To this end, the Union that the Company has introduced a pilot Gainsharing plan, and that depending upon its success the Company may decide to discontinue it, continue it, or expand it so that both the Company and employees may enjoy the fruits of its successful operation the Company through lower costs and improved productivity, and the employees through higher earnings based on their contribution to such lower operating costs and higher productivity. After Gainsharing has been installed in a department, area or focussed factory either party may cancel such Gainsharing program at the end of each year from its date of installation in such department, area or focussed factory by giving sixty days' written notice to the other party. After such Gainsharing plan has been in operation in a department, area or focussed factory for three years or more the sixty days' notice required shall become one hundred and twenty days' notice of cancellation.