Common use of Optional Forms of Payment Clause in Contracts

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. Whenever a benefit is payable under Section 2(B2 (B), Section 3 or Section 5(B5 (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.