Common use of Lump Sums Clause in Contracts

Lump Sums. Notwithstanding Section 1.2 or Section 1.3 hereof to the contrary, the Board, in its sole discretion, may at any time direct that the actuarial present value of any retirement (or death) benefits accrued under this Agreement, as determined in accordance with the actuarial factors and rates then in effect for a lump sum payment (for an immediate or deferred annuity, as the case may be) upon a qualified plan's termination under Pension Benefit Guaranty Corporation regulations, be immediately paid to the Executive (or his spouse, as the case may be) in a lump sum in cash (by check).

Lump Sums. Notwithstanding Section 1.2 or Section 1.3 hereof to the contrary, the Board, in its sole discretion, may at any time direct that the actuarial present value of any retirement (or death) benefits accrued under this Agreement, as determined in accordance with the actuarial factors and rates then in effect for a lump sum payment (for an immediate or deferred annuityannuity , as the case may be) upon a qualified plan's termination under Pension Benefit Guaranty Corporation regulations, be immediately paid to the Executive (or his spouse, as the case may be) in a lump sum in cash (by check).