Common use of Change of Election to Delay Payment Clause in Contracts

Change of Election to Delay Payment. In the event Executive desires to delay the payment commencement date of his Supplemental Retirement Income Benefit, Executive may file an election with the Bank to delay the payment commencement date, PROVIDED THAT (i) the election must be filed at least 12 months prior to its becoming effective, (ii) if Executive becomes entitled to a payment during such 12 month period, the payment election form shall be ignored and distribution of the Supplemental Retirement Income Benefit shall commence under the Agreement in accordance with its original payment schedule, and (iii) the election must delay the first payment with respect to such election for a period of not less than 5 years from the date the payment would otherwise have been made.

Change of Election to Delay Payment. In the event Executive desires to delay the payment commencement date of his Supplemental Retirement Income Benefit, Executive may file an election with the Bank to delay the payment commencement date, PROVIDED THAT provided that (i) the election must be filed at least 12 months prior to its becoming effective, (ii) if Executive becomes entitled to a payment during such 12 month period, the payment election form shall be ignored and distribution of the Supplemental Retirement Income Benefit shall commence under the Agreement in accordance with its original payment schedule, and (iii) except with respect to distributions due to death or becoming Totally and Permanently Disabled, the election must delay the first payment with respect to such election for a period of not less than 5 years from the date the payment would otherwise have been made.

Change of Election to Delay Payment. In the event Executive desires to delay the payment commencement date of his Supplemental Retirement Income Benefit, Executive may file an election with the Bank to delay the payment commencement date, PROVIDED THAT provided that (i) the election must be filed at least 12 months prior to its becoming effective, (ii) if Executive becomes entitled to a payment during such 12 month period, the payment election form shall be ignored and distribution of the Supplemental Retirement Income Benefit shall commence under the Agreement in accordance with its original payment schedule, and (iii) except with respect to distributions due to death or becoming Permanently and Totally Disabled, the election must delay the first payment with respect to such election for a period of not less than 5 years from the date the payment would otherwise have been made.