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:
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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.

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  • 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. .

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