Lump-Sum, Estate Preservation, Other Forms of Payment Sample Clauses

Lump-Sum, Estate Preservation, Other Forms of Payment. These benefit forms are to be payable by first determining the amount of the benefit that would be payable as the Normal Retirement Benefit using the Participant's years of service, compensation and Tier. Where the calculation is determined with reference to a payment date prior to attainment by the Participant of age 65, the future value (using the Actuarial Equivalence assumptions in effect under the Plan as of the date of determination) of the Normal Retirement Benefit (determined as of the first date it would be payable following the attainment of age 65 by the Participant) is determined, and then reduced to a present value using the discount rate in effect under the Plan as of the date of determination (initially, 6%). This present value is the amount of the Lump Sum, the amount that would be payable for the purchase of an insurance policy (under the Estate Preservation form of benefit), or the amount used to determine the installment payments payable under Sections 6.2(b)(v).