Optional Forms of Payment. Notwithstanding the provisions of Sections 2 through 4, the present value of the sum of the Supplemental Benefit and the Spouse's Supplemental Benefit (if any) may, at the request of the Executive and with the consent of the Executive's spouse (if any) and the Committee, be payable in cash in a lump sum within thirty days following the Retirement Date of the Executive. Such present value shall be the actuarial equivalent (as defined in the Retirement Plan) of the Supplemental Benefit and Spouse's Supplemental Benefit (if any). The request for a lump sum distribution, and the consent of the Executive's spouse, must be filed by the Executive with the Committee at least sixty days prior to the Retirement Date. Such consent shall be in writing on a form provided by the Committee.
Optional Forms of Payment. In lieu of the life annuity payments provided either (i) in Section 2.1 above (life annuity payments and joint and survivor annuity payments as described in Section 2.1 above are hereinafter referred to as payments made in the “Normal Form”), or (ii) as an Accrued Benefit under this Agreement, the Executive may elect, in writing, in a form acceptable to the Corporation, an optional form of payment which shall be the actuarial equivalent of payments that would otherwise be made in the Normal Form, and which shall be (x) any optional form which is made available under the terms of the Pension Plan (including the different forms of annuities set forth in Section 4.04 of the Pension Plan) or (y) a single lump sum payment, provided that such election is made as set forth below. In addition, the Executive may elect to receive his benefits under this Agreement upon any of the following events: (i) early retirement before age 65, if the Executive is entitled to any early retirement benefit under the Pension Plan and if such early retirement constitutes a Separation from Service, or (ii) termination of employment after the Executive’s Normal Retirement Date if such termination constitutes a Separation from Service, provided that in no event shall payments that are made under this Agreement as a result of a Separation from Service be made prior to the lapse of six months from the date of such Separation from Service.
Optional Forms of Payment. Section 2.04 of the Agreement is hereby amended by deleting the second to last sentence thereof in its entirety and replacing it with the following: "In addition, the Executive may elect a lump sum under this plan." The purpose of the amendment set forth in this Section 1.2 is to make clear that, if the Executive elects lump sum payment, the Company shall not have any right to require that payment be made over a period of five years.
Optional Forms of Payment. Whenever a benefit is payable under Section 2(B), Section 3 or Section 5(B) of this Agreement, with the consent of the Corporation, the Employee may elect prior to the calendar year in which payments are to begin an optional form of payment which shall be the actuarial equivalent of the said payments and which shall be any optional form which is provided the Employee under the terms of the Corporation’s qualified pension plan, except that if the Employee shall elect a lump sum payment under this Agreement, the Corporation may require that such payment shall be made over a period of up to five (5) years with an equal proportionate part of said sum paid each year with the unpaid principal balance to be credited with interest compounded annually at six percent (6%) to be paid at the payment of the next installment.
Optional Forms of Payment. Notwithstanding any provision of this Agreement to the contrary, the present value of the sum of the Supplemental Benefit and the benefit to a Beneficiary (if any) may, at the request of the Executive and only with the consent of the Board of Directors, or at the request of the surviving Beneficiary and only with the consent of the Board of Directors, be payable in cash in a lump sum within ninety (90) days following the date the benefits otherwise become payable under this Agreement. Such present value shall be the actuarial equivalent of the Supplemental Benefit (if any) determined by reference to reasonable actuarial factors consistent with the requirements of Section 417(e) of the Code. The request for a lump sum distribution must be filed by the Executive with the Board of Directors at least thirty (30) days prior to the scheduled date of a benefit payment. Such consent shall be in writing on a form provided by the Board of Directors.
Optional Forms of Payment. Other forms of pension are available. For example, you may elect a pension with a guaranteed payment period, or you may elect to have part of your pension continued to a joint annuitant after your death. If you retire before age 65, you may also elect a level income option, which provides for a stable flow of income throughout retirement. Each specific option will result in a particular adjustment to your normal pension. All options available will be fully explained to you prior to retirement. To help you choose the form of your pension, you may request a statement showing the amount of pension available under each option.
Optional Forms of Payment. In lieu of the twenty (20) year certain payments provided in Section 2.01 above, or whenever an Accrued Benefit is payable under Section 4.01 or 5.01 of this Agreement, the Executive may elect in the calendar year prior to the calendar year in which payments are to begin, an optional form of payment which shall be the actuarial equivalent (factors defined in the Corporation's qualified defined benefit pension plan) of the said twenty (20) year certain payments. The optional form of payment shall be any optional form of payment which is provided to the Executive under the terms of the Corporation's qualified defined benefit pension plan. ARTICLE THREE
Optional Forms of Payment. In lieu of the fifteen-year certain payments described in Section 2.1 above (payments made over a fifteen-year period as described in Section 2.1 above are hereinafter referred to as payments made in the "Normal Form"), or whenever an Accrued Benefit is payable under this Agreement, the Executive may elect, at any time prior to the calendar year in which payments are to begin, an optional form of payment which shall be the actuarial equivalent of payments that would otherwise be made in the Normal Form, and which shall be (x) any optional form which is made available to the Executive under the terms of the Pension Plan or (y) a single lump sum payment.
Optional Forms of Payment. In lieu of the lifetime payments of Net Retirement Benefit provided for herein, the Executive may with the consent of the Company elect an optional form of payment, which shall be the actuarial equivalent of the lifetime payments provided for hereunder. If possible, such election shall be made at least three and not more than twelve months prior to the date payments are to begin, and shall specify the optional form of payment elected, which shall be a form of payment available to the Executive under the Company's qualified defined contribution (401k) plan. In the event the Executive elects a lump sum payment, the Company may elect to make payment of the actuarial equivalent of the Net Retirement Benefit in substantially equal monthly payments over a period of up to five years, together with interest on the unpaid balance at a variable rate equal to the rate of interest on 90-day U.S. Treasury Bills, payable monthly in arrears. The interest rate shall be adjusted on the first day of each calendar month to be the rate of interest on 90-day U.S. Treasury Bills determined at the last auction of the preceding calendar month.
Optional Forms of Payment. In lieu of the twenty (20) year certain ------------------------- payments provided in Section 2.01 above, or whenever an Accrued Benefit is payable under Section 4.01, 5.01 (5.02 or 10.01) of this Agreement, the Executive may elect in the calendar year prior to the calendar year in which payments are to begin, any optional form of payment which shall be the actuarial equivalent (factors defined in the Corporation's qualified defined benefit pension plan) of the said twenty (20) year certain payments. The optional form of payment may be a lump sum payment and any optional form of annuity payment which is provided to the Executive under the terms of the Corporation's qualified defined benefit pension plan.
