Lump Sum Option. At any time after installment payments have commenced under Section 2.1.2 of this Agreement, Executive may petition the Board or the Plan Administrator to receive the unpaid balance of the Normal Retirement Benefit, in lieu of installment payments, in a present value lump sum. Such petition shall be submitted to the Board, or the Plan Administrator, in writing not less than 13 months prior to the date on which the Executive wishes to receive the lump sum distribution.
Lump Sum Option. The Company shall have the option of paying the benefit in a lump sum payment equal to the present value of the one hundred eight (180) payments using a discount factor of eight percent (8%).
Lump Sum Option. An eligible employee may, with the approval of the Company, elect to receive his/her entire IEA Eligibility Amount (and any accrued vacation or other accrued amounts due) in a lump sum. Acceptance of a lump sum payment will result in a loss of seniority under Article IX, Section 3(b) of this Agreement and terminate his/her employment with the Company.
Lump Sum Option. Effective September 1 2017 a teacher may choose by May 1, 2018 to be paid the following school year, in forty-two (42) weekly installments, with the first forty two (42) installments equivalent to 1/52nd of annual salary, and the 43rd payment equal to 10/52nd of annual salary. For each subsequent year a teacher has until May 1 to request this option for the following school year.
Lump Sum Option. Effective September 1 2017 a therapist may choose by May 1, 2018 to be paid the following school year, in forty-two (42) weekly installments, with the first forty two (42) installments equivalent to 1/52nd of annual salary, and the 43rd payment equal to 10/52nd of annual salary. For each subsequent year a therapist has until May 1 to request this option for the following school year.
Lump Sum Option. The Agency will remit to the Council a single payment in the lump-sum amount for processing of the accreditation of $ , upon the execution of this Agreement by the Agency. The total amount of $ is herein remitted to the Council (payable by check to the order of American Public Works Association) via check number , or Purchase Order No. amount of $ .
Lump Sum Option. The Agency will remit to APWA a single payment in the lump-sum amount for processing of the accreditation of $ , upon the execution of this Agreement by the Agency. The total amount of $ 7950 is herein remitted to APWA (payable by check to the order of American Public Works Association) via check number , or Purchase Order No. $ .
Lump Sum Option. If after the retirement of Executive, the capital of the Bank should fall below the minimum required by the Bank's regulatory authority and/or the Bank fails to make a profit in any two (2) successive years, Executive may, at his option, demand that the Bank pay him the balance of the benefits due him in a lump sum. The balance due Executive shall be an amount of money equal to his accrued liability benefit account balance and shall be paid to him by the Bank within thirty (30) days of his demand.
Lump Sum Option. In lieu of the monthly benefits otherwise payable to the Participant or his Beneficiary under section 4.1 or 5.1, the Participant or his Beneficiary, as applicable, may elect to receive a lump sum payment. Such election may be made prior to the commencement of monthly benefits or at any time during the period of monthly payments. If the Participant has not incurred a Termination of Employment at the time of the election, the election shall be effective as of the first of the month following his Termination of Employment. This election will result in a significant penalty to the Participant or his Beneficiary, since the amount of the lump sum payment determined under this section 6.1 is substantially less than the Actuarial Equivalent of the monthly benefits which would otherwise be payable to the Participant or his Beneficiary. The lump sum amount shall be determined by multiplying the Actuarial Equivalent of the
