Distribution of Benefits. Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).
Distribution of Benefits. 9.1 Amount of Benefits
9.2 Method and Timing of Distributions 9.3 Unforeseeable Emergency
Distribution of Benefits. Payment to Executive shall occur within thirty (30) days of the effective date of Executive's vesting in his Deferred Bonus Account. For purposes of determining the distributable amount, the Deferred Bonus Account shall be valued through the day prior to the day on which the Deferred Bonus Account is distributed, less any claim, debt, reimbursement, recoupment, or offset the Company may have against Executive.
Distribution of Benefits. (1) Unless otherwise elected as provided below, a Participant who is married on the "annuity starting date" and who does not die before the "annuity starting date" shall receive the value of all of his benefits in the form of a joint and survivor annuity. The joint and survivor annuity is an annuity that commences immediately and shall be equal in value to a single life annuity. Such joint and survivor benefits following the Participant's death shall continue to the spouse during the spouse's lifetime at a rate equal to 50% of the rate at which such benefits were payable to the Participant. This joint and 50% survivor annuity shall be considered the designated qualified joint and survivor annuity and automatic form of payment for the purposes of this Plan. However, the Participant may elect to receive a smaller annuity benefit with continuation of payments to the spouse at a rate of seventy-five percent (75%) or one hundred percent (100%) of the rate payable to a Participant during his lifetime, which alternative joint and survivor annuity shall be equal in value to the automatic joint and 50% survivor annuity. An unmarried Participant shall receive the value of his benefit in the form of a life annuity. Such unmarried Participant, however, may elect in writing to waive the life annuity. The election must comply with the provisions of this Section as if it were an election to waive the joint and survivor annuity by a married Participant, but without the spousal consent requirement. The Participant may elect to have any annuity provided for in this Section distributed upon the attainment of the "earliest retirement age" under the Plan. The "earliest retirement age" is the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.
(2) Any election to waive the joint and survivor annuity must be made by the Participant in writing during the election period and be consented to by the Participant's spouse. If the spouse is legally incompetent to give consent, the spouse's legal guardian, even if such guardian is the Participant, may give consent. Such election shall designate a Beneficiary (or a form of benefits) that may not be changed without spousal consent (unless the consent of the spouse expressly permits designations by the Participant without the requirement of further consent by the spouse). Such spouse's consent shall be irrevocable and must acknowledge the effect of such election and be witnessed by a Plan rep...
Distribution of Benefits. (a) The Administrator, pursuant to the election of the Participant, shall direct the Trustee to distribute to a Participant or such Participant’s Beneficiary the amount (if any) to which the Participant (or Beneficiary) has become entitled under the Plan in one or more of the following methods:
(1) One lump-sum payment in cash or in property allocated to the Participant’s Account. This shall be the normal form of payment, except as otherwise provided below.
(2) Payments over a period certain in monthly, quarterly, semiannual, or annual cash installments. In order to provide such installment payments, the Administrator may (A) segregate the aggregate amount thereof in a separate, federally insured savings account, certificate of deposit in a bank or savings and loan association, money market certificate or other liquid short-term security or (B) purchase a nontransferable annuity Contract for a term certain (with no life contingencies) providing for such payment. The period over which such payment is to be made shall not extend beyond the Participant’s life expectancy (or the life expectancy of the Participant and the Participant’s designated Beneficiary). If the value of the Participant’s Total Vested Benefit does not exceed $5,000, then distribution may only be paid as a lump-sum payment. This distribution will be made regardless of the Participant’s and the Participant’s spouse’s written consent. No distribution may be made under the preceding sentence after the Annuity Starting Date unless the Participant and the Participant’s spouse consent in writing (or in such form as permitted by the Internal Revenue Service) to such distribution.
(b) Any distribution to a Participant who has a Total Vested Benefit which exceeds $5,000 shall require such Participant’s written consent (or in such other form as permitted by the Internal Revenue Service) if such distribution commences prior to the time the benefit is “immediately distributable.” A benefit is “immediately distributable” if any part of the benefit could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of the Participant’s Normal Retirement Age or age 62. Any such distribution may be made less than thirty (30) days after the notice required under Regulation 1.411(a)-11(c) is given, provided that: (1) the Administrator clearly informs the Participant that the Participant has a right to a period of at least thirty (30)...
Distribution of Benefits. 1. Contributions to the teacher’s 401(a) Plan will be considered to be vested after five (5) years of participation by the teacher in the plan or at retirement.
2. In case of death of the teacher, the current amount in the teacher’s 401(a) account will be payable to the designated beneficiary if the account vesting requirement has been met.
3. Contributions and earnings of the teacher’s 401(a) Plan account shall remain in the 401(a) Plan until vesting and until one of the qualifying events of death, permanent disability, or termination of employment occurs making it possible for the individual to withdraw or transfer funds.
4. Should a teacher die or leave employment with the District prior to the vesting of his/her 401(a) Plan account, the amount in the account will be considered forfeited and be applied to the District’s contribution obligation.
5. Each teacher shall direct the investments of his/her individual 401(a) Plan account from a list of investment options available from the annuity administrator.
6. The vendor for the 401(a) Plan shall be selected by the Board of School Trustees of the Lake Station Community Schools after consultation with the Federation.
Distribution of Benefits a. Two Thousand Dollars ($2000) of Retirement/Severance benefits will be paid in June of the year of retirement.
b. Teachers may elect to have their benefits divided in two (2) installments; the first in June of the year of retirement and the second in the following January.
x. Xxxxxxxxx shall be capped at ten thousand dollars ($10,000) per individual employee.
Distribution of Benefits. The disposition of funds by distribution of annuities or benefits shall be as agreed between you and The Standard. Any disposition of funds may be subject to a Market Value Adjustment and a Surrender Charge.
Distribution of Benefits. Once the Participant has ceased to be an employee of the Corporation and has a vested Accrued Benefit, whether such termination of employment results from voluntary or involuntary termination, Disability or from the Participant's death, the vested Accrued Benefit of the Participant shall be payable as set forth in this Section. Distribution of the vested Accrued Benefit will commence within sixty days after the date that the Participant ceases to be an employee of the Corporation. The Participant shall elect to receive distribution of his vested Accrued Benefit in one of the following forms: (i) a single lump-sum distribution in cash or (ii) an installment distribution consisting of approximately equal annual cash installments over the five-year or ten-year period commencing at the time that distribution is to commence. The Participant shall elect a method of distribution at the time that he becomes the Participant. Any such election shall remain in effect until the election is properly modified or revoked pursuant to the following paragraph. Provided, however, that in the event of the Participant's death or Disability, the Corporation, in its sole discretion, will be permitted (but in no event obligated) to accelerate the payments to be made to the Participant under this Agreement.
Distribution of Benefits. Notwithstanding any provision of this contract to the contrary, the distribution of an individual's interest shall be made in accordance with the minimum distribution requirements of Section 408(a)(6) or Section 408(b)(3) of the Code and the regulations thereunder, including the incidental death benefit provisions of Section 1.401(a)(9)-2 of the proposed regulations, all of which are herein incorporated by reference. Your entire interest in the account must be distributed, or begin to be distributed, by your required beginning date, which is the April 1 following the calendar year in which you reach age 70 1/2. For each succeeding year, a distribution must be made on or before December 31. By the required beginning date you may elect to have the balance in the account distributed in one of the following forms:
1. a single sum payment;
