Distributions From Pension Plan Sample Clauses

Distributions From Pension Plan. Distributions from the Pension Plan shall be made as follows: (i) A Participant's vested interest in the Plan shall be paid by purchasing an annuity contract from a licensed insurance company, unless the Participant elects to receive his interest in one of the alternate forms of benefit described in subsection (c) below. If a Participant is not married at his annuity starting date, the annuity contract shall provide a monthly benefit for his life. If a Participant is married at his annuity starting date, the annuity shall be in the form of a qualified joint and survivor annuity. A "qualified joint and survivor annuity" is an immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is equal to fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested Account balance. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan. Any annuity contract purchased hereunder and distributed in accordance with this Section 8.2 shall be nontransferable and shall comply with the terms of this Plan. For purposes of this Section, the earliest retirement age shall be the Participant's age on the earliest date on which the Participant could elect to receive retirement benefits. (ii) Unless an optional form of benefit is selected in accordance with subsection (c) below, if a Participant has a spouse and dies prior to his annuity starting date (the date annuity payments commence), the Participant's vested Account balance in the Plan shall be applied toward the purchase of a life only annuity contract from a licensed insurance company providing a benefit for the life of the surviving spouse. The surviving spouse may elect to have such annuity distributed within a reasonable period after the Participant's death. (iii) For any distribution subject to the annuity requirements in subsection (i) above, a Participant or Beneficiary may elect in writing, within the ninety (90) day period ending on the annuity starting date (the date annuity or any other form of benefit payments commence), to receive his vested interest in the Plan in one of the alternate forms of benefit set forth in subsection (c) below in lieu of the form of benefit otherwise payable hereunder. Any waiver of the joint and survivor annuity by a married Pa...
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Related to Distributions From Pension Plan

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

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