Common use of Lump Sum Payments Clause in Contracts

Lump Sum Payments. Service credits previously accumulated, continuity of service and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "new" employee within a period of time which does not exceed the length of prior service, service credits, and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repayment, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service credits, continuity of service, and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her termination and who has made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she is not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, and recall rights to be restored to him/her upon full repayment.

Lump Sum Payments. Service credits previously accumulated, continuity of service and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (bB) (1) (iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "new" employee within a period of time which does not exceed the length of prior service, service credits, and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repayment, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii4(B)(1)(iii) or the special termination payments under Section 3(b3(B) or Section 4(c4(C). Service credits, continuity of service, and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her termination and who has made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she is not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, and recall rights to be restored to him/her upon full repayment.

Lump Sum Payments. Service credits previously accumulated, continuity of service service, and recall rights will be lost upon up on receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii4(b)(1)(iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Momentive Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "“new" ” employee within a period of time which does not exceed the length of prior service, service credits, and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repayment, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service credits, continuity of service, and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her he is termination and who has made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she he is not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, and recall rights to be restored to him/her him upon full repayment.

Lump Sum Payments. Service credits previously accumulatedAn employee who, having received payments under Income Extension Aid, is rehired 12 months or less after the employee’s termination and who has made arrangements satisfactory to the Company (normally not to exceed 12 months) providing for a pro-rated repayment, shall during such time as the employee is not in default of such arrangements, be deemed to possess full service credits, continuity of service and recall rights will be lost upon receipt by the rights. An employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii), special termination who having received payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an is rehired 6 months or less after the employee’s termination and who has made arrangements satisfactory to the Company (normally not to exceed 12 months) providing for a pro-rated repayment shall, during such time as the employee eligible for is not in default of such a paymentarrangements, who is within one year of reaching optional retirement at age 60 under the GE Pension Planbe deemed to possess full service credits, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60and recall rights. In the event of a subsequent rehire as a "new" employee within a period of time which does not exceed the length of prior service, service credits, credits and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repaymentHowever, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service service credits, continuity of service, service and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee Employees who having received payments under Plant Closing Section 2, is are rehired 6 months or less after his/her their termination and who has have made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she is they are not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, service and recall rights to be restored to him/her them upon full repayment.

Lump Sum Payments. Service credits previously accumulated, continuity of service service, and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii4(b)(1)(ii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE BMPC Pension PlanPlan for employees represented by IUE - CWA, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "“new" ” employee after one year and within a period of time which does not exceed the length of prior service, the employees’ service credits, credits and recall rights previously lost shall be automatically restored provided repayment restored. Repayment of the Income Extension Aid is made by the employee within a reasonable time after rehireIEA will not be required. No such repaymentHowever, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service service credits, continuity of service, and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Income Extension Aid, is rehired 12 months or less after the employee’s termination and who has made arrangements satisfactory to the Company (normally not to exceed 12 months) providing for a pro-rated repayment shall, during such time as the employee is not in default of such arrangements, be deemed to possess full service credits, continuity of service, and recall rights. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her the employee’s termination and who has made arrangements satisfactory to the Company (normally not to exceed 12 months) providing for a pro-rated repayment shall, during such time as he/she the employee is not in default of such arrangements and for the purpose only of layoff and recallarrangements, be deemed to possess the full service credits, continuity of service, and recall rights to be restored to him/her upon full repaymentrights.

Lump Sum Payments. Service credits previously accumulated, continuity of service service, and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii4(b)(1)(iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE BMPC-KAPL Pension PlanPlan (for employees of participating bargaining units), shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "new" employee after one year and within a period of time which does not exceed the length of prior service, the employee’s service credits, credits and recall rights previously lost shall be automatically restored provided repayment restored. Repayment of the Income Extension Aid is made by the employee within a reasonable time after rehireIEA will not be required. No such repaymentHowever, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service service credits, continuity of service, service and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Income Extension Aid, is rehired 12 months or less after the employee’s termination and who has made arrangements satisfactory to the Company (normally not to exceed 12 months) providing for a pro-rated repayment shall, during such time as the employee is not in default of such arrangements, be deemed to possess full service credits, continuity of service and recall rights. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her the employee’s termination and who has made arrangements satisfactory to the Company company (normally not to exceed12 months) providing for the pro-rated repayment shall, during such time as he/she the employee is not in default of such arrangements and for the purpose only of layoff and recallarrangements, be deemed to possess the full service credits, continuity of service, service and recall rights to be restored to him/her upon full repaymentrights.

Lump Sum Payments. Service credits previously accumulated, continuity of service service, and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iiib)(1)(iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "“new" ” employee within a period of time which does not exceed the length of prior service, service credits, credits and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repayment, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii4 (b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c4 (c). Service credits, continuity of service, service and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her his termination and who has made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she he is not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, service and recall rights to be restored to him/her him upon full repayment.