Payment of Small Benefits Sample Clauses

Payment of Small Benefits. If the single sum amount which is of Actuarial Equivalent to the Pension payable to or in respect of any Member (or any surviving spouse) is $5,000 or less on the date his employment with the Employer terminates, such amount shall be paid to the Member (or surviving spouse, as applicable) in a lump sum.
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Payment of Small Benefits. Notwithstanding any other provision of this Plan, if a Participant is entitled to a distribution under either Section 7.01 or 7.02, and the value of the Participant’s Account does not exceed One Thousand Dollars ($1,000.00) (determined without regard to the Participant’s Rollover Contributions Accounts), the Trustee may immediately distribute such benefit in the form of a lump-sum benefit without the Participant’s prior consent, provided that any such distribution complies with the requirements of Code Section 401(a)(31)(B). However, no distribution shall be made pursuant to this Section 7.04 after the first day of the first period for which an amount is received as an annuity unless the Participant and his Spouse (or the Participant’s surviving Spouse) consent in writing to such distribution. The Participant (and his Spouse) must consent to any distribution, when the account balance exceeds Five Thousand Dollars ($5,000.00). If the Participant’s Account balance does not exceed Five Thousand Dollars ($5,000.00) (determined without regard to the Participant’s Rollover Contributions Accounts) but exceeds One Thousand Dollars ($1,000.00), if the Participant does not elect to have such distribution paid directly to the Participant or to an eligible retirement plan specified by the Participant in a direct rollover or to receive the distribution directly, then the Trustee may pay the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator. Such payment will extinguish all rights of the Participant to benefits under this Plan.‌
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Related to Payment of Small Benefits

  • Payment of Salary and Receipt of All Benefits Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Payment of Salary Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Employee.

  • Public Benefits ‌ 5.1 Developer to provide Public Benefits‌ The Developer must, at its cost and risk, provide the Public Benefits to the City in accordance with this document.

  • Payment of Salaries 5.5.1 Basis of Calculation The salaries of principals shall be paid fortnightly and the gross salary for a full pay period is calculated as 14/365ths of the annual salary rate. For broken periods the calculation is the number of days due multiplied by the annual rate and divided by 365. Gross salary comprises all salary and allowances (temporary and those paid on a regular basis).

  • 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.).

  • Standard Benefits During the Employment Period, Executive shall be entitled to participate in all employee benefit plans and programs, including paid vacations, generally available to other similarly situated Company executives, subject to the terms and conditions of the applicable plans.

  • General Benefits During the Term of Employment, the Executive shall be entitled to participate in such employee pension and welfare benefit plans and programs of the Company as are made available to the Company's senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, including, without limitation, health, medical, dental, long-term disability, travel accident and life insurance plans.

  • 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 Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

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