Common use of LIMITATIONS REGARDING SMALL PAYMENTS Clause in Contracts

LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company.

LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump sum settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company.

LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than 2% of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump sum settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company.

LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than 2% of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump sum settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company.