Calculating Installment Payments Clause Samples
Calculating Installment Payments. If the value of the Participant’s Account is less than $50,000 six months after the Participant’s Separation from Service, the Participant will be paid a lump sum of his Account on the first Payment Processing Date that occurs six months or more after his Separation from Service. If the preceding sentence does not apply, each installment, other than installments of unmatched Participant Deferrals under section 5.03(c)(iii) above, will be equal to the vested Account balance (ignoring the subaccount(s) containing unmatched Participant Deferrals) measured as short a period of time before the installment is paid as is administratively convenient, divided by the number of remaining annual installments.
Calculating Installment Payments. If the value of the Participant’s Account is less than $50,000 six months after the Participant’s Separation from Service, the Participant will be paid a lump sum of his Account on the first Payment Processing Date that occurs six months or more after his Separation from Service. If the preceding sentence does not apply, each installment, will be equal to the vested Account measured as short a period of time before the installment is paid as is administratively convenient, divided by the number of remaining annual installments.
Calculating Installment Payments. For benefits accrued before 2016, each installment will be equal to the remaining portion of the vested pre-2016 Account measured as short a period of time before the installment is paid as is administratively convenient, divided by the number of remaining annual installments. For all benefits accrued during a Plan Year beginning on or after January 1, 2016, each installment shall be equal to the remaining benefits accrued during that Plan Year, measured as short a period of time before the installment is paid as is administratively convenient, divided by the number of remaining installments.