Lump Sum Benefit Option Sample Clauses

Lump Sum Benefit Option. In lieu of receiving monthly installments under any of the above numbered paragraphs, the Executive (or the surviving spouse designated as beneficiary by the Executive under the provisions of this Agreement), may petition the Board of Directors to receive a lump sum benefit. The value of the lump sum benefit shall be the “Actuarial Equivalent” of the remaining installment payments; it being understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject said request, and if granted, the “Actuarial Equivalent” shall be determined at the sole direction of the Board of Directors using the present value discount rate assigned under the terms of this agreement.
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Lump Sum Benefit Option. In lieu of receiving installment and or delayed payments under any of the above numbered paragraphs, the Executive (or the Executive's beneficiary in the event of the death of said Executive) may petition the PLAN ADMINISTRATOR to receive a lump sum benefit. The value of the lump sum benefit shall be the present value of the remaining installment payments as determined by using a discount rate and methodology as defined in Article 3.1 of this Agreement; it being understood that the PLAN ADMINISTRATOR shall have the final authority to either grant or reject said request.
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Lump Sum Benefit Option. The “Lump Sum Benefit”, with respect to the Executive at a particular age, shall have the following meanings:
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Related to Lump Sum Benefit Option

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

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