Automatic cash-out Sample Clauses
Automatic cash-out. (a) Where an employee has two or more recreation leave loadings, the following automatic payment provisions shall apply:
(i) the common cash-up date for the automatic payment of recreation leave loadings is the second pay day in January of each year or in any case by the end of January each year;
(ii) an employee with two accrued recreation leave loadings as at 1 January shall have one recreation leave loading automatically paid on the common cash-up date of that year;
(iii) an employee with three or more accrued recreation leave loadings as at 1 January shall have two recreation leave loadings automatically paid on the common cash-up date of that year;
(iv) recreation leave loadings will be paid in the order of accrual; and
(v) recreation leave loadings will continue to be taxed in accordance with current Australian Taxation Office taxation legislation applicable to the payment of recreation leave loadings, except that recreation leave loadings automatically paid on the common cash-up date will be fully taxed.
(b) The automatic payment of recreation leave loadings shall not apply to shiftworkers.
Automatic cash-out. (a) Where an employee, other than an employee employed in a teaching capacity in a school, has two or more recreation leave loadings, the following automatic payment provisions will apply:
(i) The common cash-up date for the automatic payment of recreation leave loadings is the second payday in January of each year or in any case by the end of January each year.
(ii) An employee with two accrued recreation leave loadings as at 1 January will have one recreation leave loading automatically paid on the common cash-up date of that year;
(iii) An employee with three or more accrued recreation leave loadings as at 1 January will have two recreation leave loadings automatically paid on the common cash-up date of that year;
(iv) Recreation leave loadings will be paid in the order of accrual; and
(v) Recreation leave loadings will continue to be taxed in accordance with current Australian Taxation Office taxation legislation applicable to the payment of recreation leave loadings, except that recreation leave loadings automatically paid on the common cash-up date will be fully taxed.
Automatic cash-out. Notwithstanding any other provision in this Article 6, if the vested balance of the Participant’s Accounts does not exceed $5,000 as of the Valuation Date coinciding with or next following a Participant’s Termination Date or death (as applicable), the Committee will automatically make a cash, lump sum payment to such Participant (or Beneficiary) as soon as practicable following such Termination Date or date of death.
Automatic cash-out. (a) Where an Employee has two or more recreation leave loadings, the following automatic payment provisions shall apply:
(i) The common cash-up date for the automatic payment of recreation leave loadings is the second payday in January of each year or in any case by the end of January each year;
(ii) An Employee with two accrued recreation leave loadings as at 1 January shall have one recreation leave loading automatically paid on the common cash-up date of that year;
(iii) An Employee with three or more accrued recreation leave loadings as at 1 January shall have two recreation leave loadings automatically paid on the common cash-up date of that year;
(iv) Recreation leave loadings will be paid in the order of accrual; and
(v) Recreation leave loadings will continue to be taxed in accordance with current Australian Taxation Office taxation legislation applicable to the payment of recreation leave loadings, except that recreation leave loadings automatically paid on the common cash-up date will be fully taxed.
(b) The automatic payment of recreation leave loadings shall not apply to shift workers.
Automatic cash-out. If the value of the Vested part of the Participant's Account (excluding Deductible Contributions within the meaning of Code section 72(o)(5)(B)) does not exceed $3,500, then, if elected by the Employer in the Adoption Agreement, as soon as practicable after the Participant Terminates Service, the Plan Administrator will direct the Trustee to pay the Participant a single distribution that equals the value of the entire Vested Account balance.
(1) The Plan Administrator must direct the Trustee to apply the nonvested part that is forfeited by the Participant in accordance with the Employer's election in the Adoption Agreement. If the value of the Vested part of the Participant's Account is zero when the Participant Terminates Service, the Participant will be deemed to have received a distribution of the Vested part of her or his Account.
(2) A distribution pursuant to paragraph 6.2(a) may be made as soon as administratively feasible after the Participant Terminates Service. This distribution shall not require the Participant's or the spouse's consent. The provisions of this paragraph (a) will apply to a Participant who is Vested at the time of death or distribution in amounts attributable to Contributions made by the Employer or the Employee or both.
Automatic cash-out. If the value of the Vested part of the Participant's Account (excluding Deductible Contributions) does not exceed $3,500, then, if elected by the Employer in the Adoption Agreement, as soon as practicable after the Participant Terminates Service, the Plan Administrator will direct the Trustee to pay the Participant a single distribution that equals the value of the entire Vested Account balance.
Automatic cash-out. (a) Where an employee, other than a school-based, has two or more recreation leave loadings, the following automatic payment provisions will apply:
(i) The common cash-up date for the automatic payment of recreation leave loadings is the second payday in January of each year or in any case by the end of January each year;
(ii) An employee with two accrued recreation leave loadings as at 1 January will have one recreation leave loading automatically paid on the common cash-up date of that year;