IN-SERVICE LUMP SUM PAYMENT OF EMPLOYEE CONTRIBUTIONS Sample Clauses

IN-SERVICE LUMP SUM PAYMENT OF EMPLOYEE CONTRIBUTIONS. Notwithstanding any provisions hereunder to the contrary, a Member who is an Employee on the first day of the Employee Contributions Lump Sum Election Period described below may elect to receive the Member’s Employee Contributions in an immediate lump sum payment. Upon payment to an electing Member under this Section 3.05 of the Member’s Employee Contributions, the Member’s Accrued Retirement Benefit Derived from Employer Contributions will be cancelled and the Member will cease to be a Member and neither the Member nor any beneficiary of the Member will be entitled to any further benefits under the Plan and no further benefits will be paid under the Plan with respect to the Member. The following provisions apply to an election under this Section 3.05:
Sample 1
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Related to IN-SERVICE LUMP SUM PAYMENT OF EMPLOYEE CONTRIBUTIONS

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

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  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Lump Sum Payments If, during the Employment Period, the Company terminates the Executive's employment other than for Cause, or the Executive terminates employment for Good Reason, the Company shall pay to the Executive the following amounts:

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

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