DISREGARD OF ACCRUED BENEFIT Sample Clauses

DISREGARD OF ACCRUED BENEFIT. If the Participant receives a ---------------------------- cash-out payment of his deferred vested pension, the Advisory Committee shall disregard the Participant's Accrued Benefit determined as of the close of the Plan Year in which his termination of employment occurs. A Participant who is re-employed after receiving a cash-out payment of his deferred vested pension shall have the right to repay the Trustee the Employer derived portion of the cash-out distribution he received, provided the repayment includes interest at the rate of five percent (5%) per annum from the date of the prior distribution and his right to make repayment has not expired. A Participant's right to make repayment shall expire on the earlier of: (a) the date five (5) years after the Participant's re-employment date following the cash-out distribution; or (b) the last day of the first Break in Service Period ending after the cash-out distribution. A Break in Service Period is a period of five (5) consecutive Plan Years in which the Participant incurs a Break in Service. A re-employed Participant shall not have a right to repay if he was one hundred percent (100%) vested at the time he received the cash-out payment of his deferred vested pension. If a re-employed Participant makes repayment in accordance with the terms of the first paragraph of this Section, the Advisory Committee shall restore the Participant's Accrued Benefit disregarded under this Section. However, the Advisory Committee shall not restore the Participant's Accrued Benefit unless the re-employed Participant makes the repayment prior to the expiration of the repayment period described in the first paragraph of this Section.
Sample 1
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DISREGARD OF ACCRUED BENEFIT. If a Member receives a single-sum payment equal to the Present Value of his entire vested Accrued Benefit his entire Accrued Benefit (both vested and nonvested) as of the date of the distribution shall be disregarded. If such payment is less than the Present Value of his entire Accrued Benefit, such Member shall have the right to restore his Accrued Benefit derived from our Contributions as provided below. If a Member receives a single-sum payment that is less than the Present Value of his entire vested Accrued Benefit, a portion of his vested Accrued Benefit as of the date of the distribution shall be disregarded. This portion shall be determined by multiplying his entire vested Accrued Benefit as of the date of the distribution by the ratio of (i) the single-sum payment to (ii) the Present Value of such vested Accrued Benefit. Such Member shall not have a right to restore his Accrued Benefit derived from our Contributions. If a Member again becomes an Eligible Employee after receiving a single-sum payment of less than the Present Value of his entire Accrued Benefit as of the date of the distribution, he shall have the right to restore his Accrued Benefit derived from our Contributions (including all optional forms of benefits and subsidies relating to such benefits) to the extent disregarded. Such Accrued Benefit shall be restored upon repayment to the Plan of the full amount of the distribution resulting from our Contributions plus interest, compounded annually from the date of distribution at the rate of five percent. Such repayment must be made before the earlier of the date five years after the date he again becomes an Eligible Employee or the end of the first period of five consecutive Vesting Breaks which begin after the date of the distribution. If a Member was deemed to have received a distribution of the Present Value of his entire vested Accrued Benefit because his vested Accrued Benefit was zero, and the Member again becomes an Eligible Employee before the end of the first period of five consecutive Vesting Breaks which begin after the date of the deemed distribution, upon the date he again performs an Hour of Service as an Eligible Employee, the Accrued Benefit derived from our Contributions shall be restored to the amount of such Accrued Benefit on the date of the deemed distribution.
Sample 1

Related to DISREGARD OF ACCRUED BENEFIT

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Accrued Benefits The term "Accrued Benefits" shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

  • TIME OF PAYMENT OF ACCRUED BENEFIT Unless, pursuant to Section 6.03, the Participant or the Beneficiary elects in writing to a different time or method of payment, the Advisory Committee will direct the Trustee to commence distribution of a Participant's Nonforfeitable Accrued Benefit in accordance with this Section 6.01. A Participant must consent, in writing, to any distribution required under this Section 6.01 if the present value of the Participant's Nonforfeitable Accrued Benefit, at the time of the distribution to the Participant, exceeds $3,500 and the Participant has not attained the later of Normal Retirement Age or age 62. Furthermore, the Participant's spouse also must consent, in writing, to any distribution, for which Section 6.04 requires the spouse's consent. For all purposes of this Article VI, the term "annuity starting date" means the first day of the first period for which the Plan pays an amount as an annuity or in any other form. A distribution date under this Article VI, unless otherwise specified within the Plan, is the date or dates the Employer specifies in the Adoption Agreement, or as soon as administratively practicable following that distribution date. For purposes of the consent requirements under this Article VI, if the present value of the Participant's Nonforfeitable Accrued Benefit, at the time of any distribution, exceeds $3,500, the Advisory Committee must treat that present value as exceeding $3,500 for purposes of all subsequent Plan distributions to the Participant.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

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