Common use of Alternative payout option Clause in Contracts

Alternative payout option. If (i) the Director is employed with the Bank until reaching his Benefit Age, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 3.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund and the Accrued Benefit Account (if applicable), measured as of the Director=s Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 3.1(b) within thirty (30) days of the date the Administrator receives notice of the Director’s death. Notwithstanding the foregoing, unless the Director has made a Timely Election to receive a lump sum distribution from the Accrued Benefit Account, distributions from the Accrued Benefit Account will be paid over the Payout Period, commencing within thirty (30) days of the Director’s Benefit Age.