Election of Payment of Benefits Sample Clauses

Election of Payment of Benefits. A Premium Member may elect (no more than once per annum) one or a non-inconsistent combination of several of the following methods of distribution of the Accumulated Balance: □ A total lump sum distribution to the recipient. □ A partial lump sum distribution to the recipient. □ A lump sum direct rollover to another qualified plan to the extent allowed by federal law and in accordance with the Retirement Board’s rollover procedures. □ An annuity payable for the life of the recipient. □ An optional form of annuity as established by Public Act 345 of 1937. □ No distribution, in which case the Accumulated Balance shall remain in the Plan to the extent allowed by federal law. All benefit payments under the Plan shall be made (or commence in the case of an annuity) as soon as practical after entitlement thereto, but in no event later than the April 1 following the later of: The calendar year in which the Premium Member attains age 70-1/2, or The calendar year in which the Participant’s employment terminated. If the Accumulated Balance in any former Participant’s account becomes less than $5,000 (or such other amount as provided in Internal Revenue Code Section 411(a)(11)(A), then the Retirement Board, in its sole discretion, shall have the option of distributing the Former Participant’s entire account, in the form of a lump sum, to the Former Participant.
Sample 1
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Election of Payment of Benefits. A Premium Member may elect (no more than once per annum) one or a non-inconsistent combination of several of the following methods of distribution of the Accumulated Balance: □ A total lump sum distribution to the recipient. □ A partial lump sum distribution to the recipient.
Sample 1
Election of Payment of Benefits. A Premium Member may elect (no more than once per annum) one or a non-inconsistent combination of several of the following methods of distribution of the Accumulated Balance: • A total lump sum distribution to the recipient. • A partial lump sum distribution to the recipient. • A lump sum direct rollover to another qualified plan to the extent allowed by federal law and in accordance with the Retirement Board’s rollover procedures. • An annuity payable for the life of the recipient. • An optional form of annuity as established by Public Act 345 of 1937. • No distribution, in which case the Accumulated Balance shall remain in the Plan to the extent allowed by federal law. All benefit payments under the Plan shall be made (or commence in the case of an annuity) as soon as practical after entitlement thereto, but in no event later than the April 1 following the later of: The calendar year in which the Premium Member attains age 70-1/2 or The calendar year in which the Participant’s employment terminated. If the Accumulated Balance in any former Participant’s account becomes less than $5,000 (or such other amount as provided in Internal Revenue Code Section 411(a)(11)(A), then the Retirement Board, in its sole discretion, shall have the option of distributing the Former Participant’s entire account, in the form of a lump sum, to the Former Participant.
Sample 1

Related to Election of Payment of Benefits

  • Coordination of Benefits The coordination of benefits (COB) provision applies when a Member has health care coverage under more than one plan. Plan is defined below. The order of benefit determination rules govern the order in which each plan will pay a claim for benefits. The plan that pays first is called the primary plan. The primary plan must pay benefits according to its policy terms without regard to the possibility that another plan may cover some expenses. The plan that pays after the primary plan is the secondary plan. In no event will a secondary plan be required to pay an amount in excess of its maximum benefit plus accrued savings. If the Member is covered by more than one health benefit plan, and the Member does not know which is the primary plan, the Member or the Member’s provider should contact any one of the health plans to verify which plan is primary. The health plan the Member contacts is responsible for working with the other plan to determine which is primary and will let the Member know within 30 calendar days. All health plans have timely claim filing requirements. If the Member or the Member’s provider fails to submit the Member’s claim to a secondary health plan within that plan’s claim filing time limit, the plan can deny the claim. If the Member experiences delays in the processing of the claim by the primary health plan, the Member or the Member’s provider will need to submit the claim to the secondary health plan within its claim filing time limit to prevent a denial of the claim. If the Member is covered by more than one health benefit plan, the Member or the Member’s provider should file all the Member’s claims with each plan at the same time. If Medicare is the Member’s primary plan, Medicare may submit the Member’s claims to the Member’s secondary carrier.

  • Extension of Benefits Upon termination of insurance, whether due to termination of eligibility, or termination of the Contract, an extension of benefits shall be provided for a period of no less than 30 days for completion of a dental procedure that was started before Your coverage ended.

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