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.
2. The Executive's election and designation referred to in Paragraph 1 of this Article V with respect to an Account shall be made by a written notice to the Employer prior to August 31, 2001. The Executive may make different elections and designations with respect to each Account.
3. In the event that the Executive fails to make an election pursuant to paragraph 1 of this Article V with respect to an Account, except as otherwise provided in Article VII and paragraph 7 of this Article V, the vested 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.
4. All payments to be made pursuant to paragraph 1 of this Article V with respect to each Account shall be made in cash, and in furtherance thereof, all investments actually made with respect to such Account shall be sold by the Employer at such time or times as the Employer may determine to effect such payment; provided, that (a) in the case of an installment payment, unless the Executive provides the Employer with written notice to the contrary at least five days prior to the date any such payment is due, the Employer may select the investments to be sold or deemed sold to provide the cash necessary for such payment, and (b) to the extent investments have actually been made by the Employer with respect to such Account, the Executive may elect, subject to the Employer's approval, to receive payment in kind in lieu of cash by providing written notice of such election to the Employer at least five days prior to the date of such payment.
5. For purposes of determining the amount of a payment referred to in paragraph 1 of this Article V with respect to an Account, (a) the balance in such Account shall be adjusted by the Employer in the manner provided in paragraph 4 of Article III not more than f...
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. 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. 5.1. The Employer shall notify PlanConnect in writing or through a census data file if there is a distributable event under the terms of the Plan to a Participant, beneficiary, or alternate payee. Upon receipt of direction from the Employer or its designee and applicable forms in good order, PlanConnect shall initiate and provide the following transaction processing services and forward necessary directions received from the Employer or Participants to the Custodian to process benefit payment requests:
a) Distribution requests (including rollover distribution requests and contract exchanges/transfer requests).
b) Loan requests if permitted under the Plan and applicable funding vehicles. PlanConnect will establish a loan account for the Participant, provide the loan amortization schedule online, monitor scheduled repayments and notify the administrator in case of a loan default.
c) Account division and/or applicable distributions associated with Qualified Domestic Relations Orders (QDRO).
5.2. In connection with benefit payments, the Employer agrees that the Custodian, and not PlanConnect, will provide the following services pursuant to the custodial agreement entered into with the Employer and the arrangement PlanConnect entered into with the Custodian:
a) Withhold the necessary amounts required by law and remit such amounts withheld directly to the Internal Revenue Service;
b) Issue a check directly to the order of the Participant, beneficiary or alternate payee, or to the trustee(s) of another qualified Plan or such other eligible retirement Plan to whom the distribution may be directly rolled over by the Participant, beneficiary or alternate payee; and
c) Prepare the necessary tax reporting and transmittal forms (e.g., Form 1099R) and forward directly the required copies to the Internal Revenue Service and to the Participant, beneficiary or alternate payee, whichever is applicable, for the amounts distributed. In the case of a distribution issued by check, if the check is not deposited or cashed after six (6) months, the monies are returned to the Plan.
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. 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.
B. If benefits are not paid to a Participant who reaches his or her NORMAL RETIREMENT AGE but does not retire such benefits shall be [SELECT ONE] ___ invested as part of Trust assets with gains and losses allocated proportionately to the Participant's Account. X invested in the manner directed by the Participant with the assets chosen --- by the Participant held in the Participant's Account.
C. A Participant who terminates employment prior to his or her NORMAL RETIREMENT DATE shall be entitled to a distribution of his or her benefits [SELECT ONE] ___ upon termination of employment. ___ upon the last day of the PLAN YEAR in which termination of employment occurs. ___ upon termination of employment as a result of a disability as defined in SECTION 5.03. ___ upon the occurrence of a one-year Break in Service. ___ upon the occurrence of five one-year Breaks in Service. ___ only upon the earlier of his or her death or attainment of his or her NORMAL RETIREMENT AGE.
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, but not the proviso in paragraph 1 of Article V prohibiting payments pursuant to Article V prior to the earlier of July 22, 2006 or the termination of the Executive's employment. 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. 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. 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. Notwithstanding the election made in this Item 22A, no Participant shall be required to take a distribution from the Plan prior to the later of his or her Normal Retirement Age or his or her attainment of Age sixty-two (62).
Benefit Distributions
