Benefit Distributions. 1. Except as otherwise provided in paragraph 2 of Article IV or in this Article V or in Article VI or VII, the vested balance in each Account shall be paid to the Executive in one of the two following methods at the election of the Executive: (a) a lump-sum payment to be paid at such time as is designated by the Executive or (b) annual installment payments over such period of years as may be designated by the Executive; provided, however, no payment shall be payable pursuant to this Article V prior to the earlier of June 11, 2006 or the termination of the Executive's employment with the Employer.
Benefit Distributions. 1. Except as otherwise provided in paragraph 5 of Article IX, in this Article V or in Article VI or VII, the vested balance in each Account shall be paid to the Executive in one of the two following methods at the election of the Executive: (a) a lump-sum payment to be paid at such time as is designated by the Executive or (b) annual installment payments over such period of years as may be designated by the Executive.
Benefit Distributions. Except as may otherwise be provided in the Non-Elective Deferred Award Terms, the vested balance in a Non-Elective Deferred Award Account shall be subject to the benefit distribution provisions of Article V of this SERP Agreement. The provisions of paragraphs 1, 3, 6(b), 7, 8 and 10 of Article V of this SERP Agreement shall only apply to the vested balance in a Non-Elective Deferred Award Account. The Executive's election and designations referred to in paragraph 1 of Article V of this SERP Agreement with respect to a Non-Elective Deferred Award Account shall be made by written notice to the Employer within 30 days of the date when the grant and the amount of the Performance Award are first made known to the Executive (the "Notification Date"). Notwithstanding the foregoing, if the Non-Elective Deferred Award Terms provide for the payment or vesting of any portion of the Non-Elective Deferred Award Account within 13 months of the Notification Date, the Executive may make any of the modification elections described in paragraph 6 of Article V of this SERP Agreement with respect to such portion of the Non-Elective Deferred Award Account if such election is made both within 30 days the Notification Date and at least 90 days before such vesting date or the date such payment becomes due.
Benefit Distributions. 1. The balance in each Account shall be paid to the Executive in one of the two following methods at the election of the Executive: (a) a lump-sum payment to be paid at such time as is designated by the Executive or (b) annual installment payments over such period of years as may be designated by the Executive. The Executive's election and designation referred to in the previous sentence with respect to an Account shall be made by a written notice to the Employer at the time of his deferral election for the year or years to which the Account relates. The Executive may make different elections and designations with respect to the deferred compensation of each year, with any such different elections and designations accounted for through the creation of separate Accounts as contemplated by paragraph 2 of Article I. In the event that the Executive fails to make an election pursuant to this paragraph I with respect to an Account, except as otherwise provided in Article IV and paragraph 5 of this Article II the balance in such Account shall be paid in ten annual installments commencing on the first day of the month following the termination of the Executive's employment with the Employer.
Benefit Distributions. A. A Participant who reaches his or her NORMAL RETIREMENT AGE but does not retire shall commence to receive his or her benefits [SELECT ONE] ___ at his or her NORMAL RETIREMENT DATE. ___ at his or her Actual Retirement Date. X at any time elected by the Participant after his or her NORMAL RETIREMENT --- DATE.
Benefit Distributions. Subject to compliance with provisions of the Trust Agreement prohibiting certain distributions (including, without limitation, parts of Sections 4, 5 and 6 thereof), FBTS may make distributions from the Pension Trust to such persons, in such a manner, at such times and in such forms as directed by the Company without inquiring as to whether a payee is entitled to the payment, or as to whether a payment is proper, and without liability for a payment made in good faith without actual notice or knowledge of the changed condition or status of the payee. If any payment of the benefits made from the Plans by FBTS is not claimed, FBTS shall notify the Company of that fact promptly. The Company shall make a diligent effort to ascertain the whereabouts of the payee of benefits returned unclaimed. FBTS has no obligation to search for or ascertain the whereabouts of any payee of benefits from the Pension Trust.
Benefit Distributions. In general, upon termination of service, including death, total and permanent disability, or retirement, a participant (or the participant's beneficiary) will receive an amount equal to the value of the participant's vested interest in his or her account. Amounts allocated to withdrawing participants for benefit claims that have been processed and approved for payment but have not yet been paid totaled $55,818 at December 31, 1999. Such amounts are included in net assets available for benefits at December 31, 1999 in accordance with American Institute of Certified Public Accountants guidelines. However, the Plan's Form 5500 will reflect such amount as a liability of the Plan in accordance with IRC guidelines.
Benefit Distributions. Upon Retirement, the Employer will make distribution of the participants Account beginning on the first payment date as outline in Article VI and continue on such schedule and according to the terms as outlined in the Participant’s Joinder Agreement until all such payments have been completed.
Benefit Distributions. 1. The balance in each Account shall be paid to the Executive in one of the two following methods at the election of the Executive: (a) a lump-sum payment to be paid at such time as is designated by the Executive or (b) annual installment payments over such period of years as may be designated by the Executive. The Executive's election and designation referred to in the previous sentence with respect to an Account shall be made by a written notice to the Employer at the time of his deferral election for the year or years to which the Account relates. The Executive may make different elections and designations with respect to the deferred compensation of each year, with any such different elections and designations accounted for through the creation of separate Accounts as contemplated by paragraph 2 of Article I. In the event that the Executive fails to make an election pursuant to this paragraph 1 with respect to an Account, the balance in such Account shall be paid in ten annual installments commencing on the first day of the month following the termination of the Executive's employment with the Employer.
Benefit Distributions. 1. The balance in each Account shall be paid to the Executive in one of the two following methods at the election of the Executive: (a) a lump-sum payment to be paid at such time as is designated by the Executive or (b) annual installment payments over such period of years as may be designated by the Executive; provided, however, no payment shall be payable pursuant to this Article IV prior to the Executive's termination of employment with the Employer. The Executive's election and designation referred to in the previous sentence with respect to an Account shall be made by a written notice to the Employer prior to the first day of the year to which the Account relates. The Executive may make different elections and designations with respect to the Monthly Credits of each year, with any such different elections and designations accounted for through the creation of separate Accounts as contemplated by paragraph 2 of Article III. In the event that the Executive fails to make an election pursuant to this paragraph 1 with respect to an Account, the balance in such Account shall be paid in ten annual installments commencing on the first day of the month following the termination of the Executive's employment with the Employer.
