Lump Sum Payment Option. This option provides for a lump-sum cash payment of the amount of the full or partial Termination Payment and is available only if the Market Value Factor equals or exceeds one hundred percent as of the Termination Date or the Partial Termination Date. MassMutual will determine the GIA Market Value of the General Account Assets as of the Termination Date or the Partial Termination Date, which amount will be held in the general investment account of MassMutual and credited with the Holding Account Interest Rate from the Termination Date or the Partial Termination Date until disbursed in one sum in accordance with Section 4.04 not later than [six] months after the Termination Date or the Partial Termination Date, provided that if the GIA Market Value is larger than $[1.5] million, MassMutual may make payment in installments at four-week intervals. Each installment withdrawn is limited to the larger of $[1.5] million or [ten percent (10%)] of the total amount to be withdrawn and the first payment will be made not later than [six] months after the Termination Date or the Partial Termination Date.
Lump Sum Payment Option. The parties agree that payments will be made within a range of 6 - 12 months. The timeframe will be shown here. The amount enclosed in brackets is currently set at 1.5 million or ten percent. The amount may range from 1.5 million to 10 million and the percentage will be at least 10%. Any change will be made in a like and nondiscriminatory manner for all Investors in the same class of business. #2 The term “participants” or “members” will be included based on the product type. The Act is variable and will be excluded if the Labor Management Relations Act of 1947 does not apply to the contract. Page 12 #1 The Investor must provide advance notice in the event of plan termination, or if the plan fails to meet the applicable Code or Act requirements, depending upon product variability. It is also bracketed to allow for any amendments made to the Code. The standard number used in the contract is 7 days advance notice. This is bracketed to accommodate a change in administrative procedure or to accommodate a change as negotiated between MassMutual and the Investor. The range of values will be between 2 and 15 days. #2 The timeframe in which the Investor must provide Effective Communication will be negotiated between MassMutual and the Investor and will be a range of 30-90 days. MassMutual must determine whether it can continue to operate the contract given the plan change within 45 days of receiving notice. This number is bracketed to accommodate a change in administrative procedure or to accommodate a change as negotiated between MassMutual and the Investor. The range of values will be between 15 and 45 days. The term “Fund Sponsor” or “Board of Trustees” will be used based upon product variability. Page 14 #1 The variable text will be included or removed based on negotiations between MassMutual and the Investor. #2 MassMutual and the Investor may negotiate a time period of 30 to 90 days. Page 15 #1 The language in brackets will either be included or excluded as negotiated by the parties. #2 MassMutual and the Investor may negotiate a time period of 30 to 180 days for the time frames in brackets. #3 Section number is variable to allow for renumbering. #4 Section number is variable to allow for renumbering.
Lump Sum Payment Option. This option provides for a lump-sum cash payment. The amount of the Market Value of the General Account Assets will be paid in one sum in accordance with Section 5.06 not later than six (6) months after the Termination Date, provided that if the Market Value of the General Account Assets is larger than $1.5 million, MassMutual may make payment in installments at four-week intervals. Each installment withdrawn is limited to the larger of $1.5 million or ten percent (10%) of the total amount to be withdrawn and the first payment will be made not later than six (6) months after the Termination Date.
Lump Sum Payment Option. A") The retirement benefit will be paid in one sum on the date of retirement or, for optimum tax advantage, on an agreed-upon deferred date or in predetermined instalments acceptable to the employee, and will be based on scale salary without allowances in the following amounts: 1 Up to 15% of annual salary 2 Up to 30% of annual salary 3 Up to 45% of annual salary
Lump Sum Payment Option. 1 Installment Billing, Option #2
Lump Sum Payment Option. Subject to the terms of Section 3.4, a Deferred Covered Life may elect to receive a lump sum payment in lieu of and in full settlement for the Annuity Payments which would otherwise be payable under this Contract. The lump sum payment will be paid on the Deferred Covered Life’s Annuity Commencement Date provided that Prudential has received the Deferred Covered Life’s lump sum election. The amount of the lump sum payment will be determined using the Applicable Interest Rate and Applicable Mortality Table. The disclosure and spousal consent requirements of Section 417 of the Code in effect from time to time will apply to a lump sum payment.
Lump Sum Payment Option. As an alternative to the Rental Payments ----------------------- described in Section 6.1 of this Agreement, at such time as Lessee has leased the required number of Sites, Lessee may for any additional Site choose to pay a one-time lump sum fee equal to the turnkey construction value (based upon the current market rates) of a 100 foot, 125 foot, 150 foot or 175 foot tower/monopole (as applicable) (including land costs) by Lessee, payable within thirty (30) days of the date the Site becomes operational upon completion of installation of Lessee's antennas and coaxial at the Site. This payment will entitle Lessee usage of the Property for up to nine (9) antennas during the Term and each Renewal Term. Selection of this option by Lessee shall not affect any other fees or payments required to be made under this Agreement, which fees or payments shall be due and payable as set forth herein. This lump sum payment shall include the following: all construction costs (civil, engineering, geotechnical, legal, electrical, general construction and maintenance), all materials, fencing, tower costs and tower erection costs. This payment is in addition to any costs and expenses outlined in the Independent Contractor Agreement of even date herewith. In the event Lessee vacates a Site and subsequently leases the same Site, such subsequent leasing shall not be construed as a renewal of the original Term, and Lessee shall be obligated to comply with the provisions of a new agreement to be negotiated by the parties with respect to the Site.
Lump Sum Payment Option. (1) The Lump Sum Payment Option provides a Participant with:
(A) an immediate lump sum payment in an amount which the Participant elects, and which is the Actuarial Equivalent of a maximum ten (10%) percent reduction in the Participant’s monthly benefit payment under the Single Life Annuity or Qualified Joint and Survivor Annuity (or other joint and survivor annuity) otherwise payable to the Participant; and
(B) a monthly benefit payment under the Single Life Annuity or the Qualified Joint and Survivor Annuity (or other joint and survivor annuity) form of benefit, as otherwise applicable under this Section or Section 5.12, adjusted for the lump sum reduction described in clause
(A) above.
(2) The immediate lump sum payment available under the Lump Sum Payment Option shall be calculated using the Participant’s birth date nearest to his Annuity Starting Date.
(3) The Lump Sum Payment Option is subject to the following conditions:
(A) The minimum immediate lump sum payment which a Participant may elect to receive under the Lump Sum Payment Option is $1,000.00.
(B) The monthly benefit under the Single Life Annuity or the Qualified Joint and Survivor Annuity, or effective for payments with Annuity Starting Dates on or after January 1, 2009, a Qualified Optional Survivor Annuity form of benefit payable after adjustment for the lump sum reduction must be a whole dollar amount.
(4) The Lump Sum Payment Option is not available to any Participant whose monthly pension or other lifetime benefit payments resume after any period(s) of suspension due to employment in Disqualifying Employment or Totally Disqualifying Employment. The Lump Sum Payment Option is not available to any Participant whose lifetime benefit payments resume after any period(s) of suspension provided for in the Administrative Procedures Applicable to Disability Benefits in Appendix “C”.
Lump Sum Payment Option. ================================================================================
