Order of Benefit Payments Sample Clauses

Order of Benefit Payments. If the Employer sponsors a Section 125 Flexible Spending Arrangement, in addition to this Plan: Eligible Medical and other Health Care Expenses must be paid under the Section 125 Plan after this Plan, until all funds in that plan are exhausted.
Sample 1
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Order of Benefit Payments. If a Participant has a Separate Account and/or an Earmarked Account with respect to a Plan or a particular benefit under any such Plan, any distribution made hereunder to such Participant with respect to such Plan or benefit made (i) prior to a Change of Control, shall be charged against such Separate Account or Earmarked Account to the extent sufficient to pay such benefits (or, in the case of a Participant who has a Separate Account and an Earmarked Account with respect to the same benefit or Plan, as the case may be, first against the Earmarked Account until its assets have been exhausted) and thereafter against any General Account established with respect to such Plan or benefit (regardless of whether the Separate Account or Earmarked Account is established under Subtrust A) or (ii) after a Change of Control, shall be charged against amounts credited to such Separate Account in the same proportion as the value of the assets of such account as of the close of the prior calendar year bears to the actuarial present value (as determined by the Company) of the Participant's benefit under such Plan (or such benefit under such Plan) as of the close of such prior calendar year (or, in the case of a Participant who has a Separate Account and an Earmarked Account with respect to the same benefit or Plan, as the case may be, the portion of each such payment not charged against a General Account shall first be charged against the Separate Account until its assets are exhausted), with the remainder to be charged against any General Account established with respect to such Plan or benefit (regardless of whether the Separate Account or Earmarked Account is established under Subtrust A). If at any time any Participant's Separate Account and Earmarked Account established with respect to any Plan or benefit and any General Account established with respect to such Plan or benefit have been exhausted, no additional amounts shall be payable from the Trust with respect to such Plan or benefit unless the Participant with respect to whom the benefit is payable shall elect in writing to permit the assets of a Separate Account or Earmarked Account established on behalf of such Participant with respect to another Plan or benefit (whether under Subtrust A or Subtrust B) to be used to pay such other benefit. Notwithstanding the foregoing, nothing in this Section 3.6 shall be construed to limit the Company's right, prior to a Change of Control, to transfer assets as provided under ...
Sample 1

Related to Order of Benefit Payments

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Normal Retirement Age. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Nonduplication of Benefits Notwithstanding any provision in this Agreement or in any other Employer benefit plan or compensatory arrangement to the contrary, but at all times subject to Section 7.4, (a) any payments due under Section 7.1, Section 7.2 or Section 7.3 shall be made not more than once, if at all, (b) payments may be due under Section 7.1, Section 7.2 or Section 7.3, but under no circumstances shall payments be made under all of or any combination of Section 7.1, Section 7.2 and Section 7.3, (c) no payments made under Sections 7.1, 7.2 and 7.3 this Agreement shall be considered compensation for purposes of any benefit plan or compensatory arrangement of Employer, and (d) Executive shall not be entitled to severance benefits from Employer other than as contemplated under this Agreement, unless such other severance benefits offset and reduce the benefits due under this Agreement on a dollar-for-dollar basis, but not below zero.

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

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