Election of Payment Date. Finally, the Director shall also designate a specific date on which payment of benefits under Article 3 shall be made or shall commence. If a Director elects a payment date that is earlier than the date when Compensation deferrals cease, the Director’s deferrals shall cease in the month immediately preceding the payment date elected under this section 2.3. Failure to specify on the Election Form a date when payment of benefits shall be made or shall commence shall constitute an election for payment of benefits to be made or to commence on the last day of the month immediately after the month in which the Director’s Separation from Service occurs. If Separation from Service occurs before the date specified by the Director for distribution of benefits, payment of benefits shall be made or shall commence on the last day of the month immediately after the month in which Separation from Service occurs.
Appears in 5 contracts
Samples: Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West)
