PERIODIC DISTRIBUTION Sample Clauses
PERIODIC DISTRIBUTION. An amount equal to the present value of the Participant's total Normal Retirement Benefit shall be credited to an Installment Payment Account and shall be payable in up to 180 successive monthly installments. The first payment shall commence on the first business day of the second month following the date of termination of employment, and each successive payment shall occur monthly in succeeding months on the first business day of such months. In order for Participant to elect a Periodic Distribution under the terms of this Section 2.7(b), the Participant must elect, in this taxable year (or years) prior to the Participant's termination of employment with the Employer, both the Periodic Distribution option and the number of monthly installments to be made (up to a maximum of 180). For purposes of determining the present value of the Participant's total Normal Retirement Benefit the Discount Rate which exists on the date of the Participant's termination of employment shall be used. To determine the amount of each installment payment, a fraction shall be applied to the Participant's Installment Payment Account on each payment date. The numerator shall consist of one (1) and the denominator shall consist of the total number of installment payments remaining (including the current payment). During the installment payment period, interest shall be credited to the Participant's Installment Payment Account on a monthly basis using the Applicable Federal Rate in existence on the first business day of each month during which payments are made.
PERIODIC DISTRIBUTION. OPTION The Participant may elect pursuant to Section 4.02 to receive the Account Balance of each of the Participant's Investment Accounts, other than the Guaranteed Rate Account, under the periodic distribution option. Such option, subject to the conditions set forth in the following paragraphs, provides a series of monthly installment payments over a number of whole years beginning as of the Participant's Retirement Date, or as soon thereafter as is practicable. The number of whole years will be the lesser of (i) the number of whole years designated by the Participant before the Participant's Retirement Date and (ii) the number of years equal to the greater of the life expectancy of the Participant, and the joint and last survivor expectancy of the Participant and the Participant's spouse as of the Participant's Retirement Date, rounded to the next lower year. Conditions:
1. No payments may be made under the periodic distribution option from the Guaranteed Rate Account, and no amounts may be retained in the Guaranteed Rate Account while payments are being made under the periodic distribution option.
2. The monthly amount of installment payments shall be computed by Equitable monthly, beginning on the date as of which monthly installment payments commence and, thereafter, as of the first day of each succeeding month. The amount of each such monthly installment payment shall be determined by dividing the sum of the Account Balances of the Participant's Investment Accounts as of the first day of each such month by the number of months then remaining under the periodic distribution option, less a monthly transaction charge of $1.50 which will be deducted from the payment.
3. Each monthly installment payment before deduction of the $1.50 transaction charge will be withdrawn from the Participant's Investment Accounts in proportion to the amount of the Participant's interest in each such Investment Account immediately before such payment is made.
4. The Participant Service Charge will continue to be withdrawn from the Participant's Account in accordance with Section 3.08; during the last whole year of installment payments such charge shall be deducted as necessary from the last monthly installment payments made.
5. While monthly installment payments are being made,
(a) the participant may transfer amounts among the Investment Accounts other than the Guaranteed Rate Account maintained for the Participant pursuant to Section 3.01, but
(b) no Contributions may be m...
PERIODIC DISTRIBUTION. A Participant may elect a distribution of all or a portion of his Accounts in the form of a periodic distribution which cannot exceed one in each Plan Year;