Form of Benefit. The Participant’s Retirement Benefit shall be paid in the form of a cash lump sum. This lump sum payment shall equal the Actuarial Equivalent present value of the Participant’s Retirement Benefit.
Form of Benefit. The Benefit will be paid in cash, in a single lump sum and will be subject to applicable tax withholding.
Form of Benefit. The Participant’s Post-2004 Benefits shall be paid in the form of a cash lump sum. This lump sum payment shall equal the Actuarial Equivalent present value of his Post-2004 Benefits.
Form of Benefit. The normal retirement benefit shall be payable in the form of a monthly annuity for the life of the member, unless an election of optional benefit is made as hereinafter provided.
Form of Benefit. UNMARRIED OWNER Notwithstanding what is stated in the Annuity Payments Section of the contract to the contrary, the form of benefit for a Contract Owner who is not a Married Owner shall be a life annuity unless the Contract Owner elects an optional form of benefit.
Form of Benefit. The benefits under the Agreement will be paid to me or my proper beneficiary as provided in the deferred fee agreement associated with this election form.
Form of Benefit. You may choose only one of the below options, and please designate your choice by initialing. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in one lump sum on the first day of the first month immediately following my Separation from Service. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in Thirty-Six (36) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in Sixty (60) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in One Hundred and Twenty (120) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in One Hundred and Eighty (180) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the fin...
Form of Benefit. The vested portion of the Retirement Benefit shall be paid to the Executive at the time, in the form, and under the same terms and conditions as benefits provided under the thrift plan component of the BEP to a participant who terminates employment with the Bank other than on account of the participant’s death or Disability (as defined in Paragraph 5 below).
Form of Benefit. If Executive has attained age fifty-five (55) while employed by ASV or an affiliate, ASV shall provide Executive a supplemental retirement benefit in the form of a series of annual cash payments. Each annual cash payment shall equal fifty-five thousand dollars ($55,000), less applicable tax withholding. Except as provided for in Section 1.2, the benefit shall commence within sixty (60) days following the later of (a) the date Executive attains age fifty-five (55), or (b) the earliest date that such payment would be fully deductible by ASV for federal income tax purposes. The benefit shall end, and the last payment shall be paid, on the date Executive attains age eighty (80). Other than the first payment, which shall be paid on the date specified above, each annual cash payment shall be made on the first business day following Executive’s birthday (or as soon as administratively feasible after such date).
Form of Benefit. In lieu of a straight life annuity form of benefit, Executive may elect, with the consent of the Committee, to receive his Retirement Benefit in one of the following forms:
(a) Joint and Survivor Option
(1) Executive may elect to receive, in lieu of a straight life annuity, a reduced annual benefit, payable monthly, which is the Actuarial Equivalent of such straight life annuity, payable during Executive's life and continuing after his death at a full, 75%, 66-2/3%, or 50% rate (according to the election of Executive) to the Executive's surviving Beneficiary for the remainder of such Beneficiary's life. For purposes of the Joint and Survivor Option, only one natural person may be designated as a beneficiary.
(2) If Executive's Beneficiary dies before commencement of benefit payment to Executive, the election of a joint and survivor option shall thereupon become void. If Executive's Beneficiary dies after commencement of benefit payments to Executive, but before the date of Executive's death, the election of a joint and survivor option shall remain effective and Executive shall receive the reduced retirement benefit payable to him under such option.
