Plan Benefit Payments Clause Samples

Plan Benefit Payments. [The Plan Sponsor] will advise us of any person for whom a payment is due under its Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. (a) Subject to the limitations provided in Section 5.1 (including application of the Withdrawal Charge to those transfers outlined in Subsection 5.1(d)) and Subsection (b) below, prior to notification of contract termination (but not thereafter), [the Plan Sponsor] may direct us to withdraw all or a portion of the [Account of a Participant in its Plan] to provide a single-sum payment to [the Plan Sponsor] to pay: (1) Plan benefits for retirement, death, disability, hardships, loans, required minimum distribution benefits pursuant to Code Section 401(a)(9), or benefits after age 59 1/2 or as otherwise allowed by the Code (provided that such benefits after age 59 1/2 or as otherwise allowed by the Code are paid in a taxable distribution to the Participant). Such a withdrawal is not subject to a Withdrawal Charge. (2) Plan benefits for termination of employment. Such a withdrawal is not subject to a Withdrawal Charge, with the following exceptions: (A) Any such payment requested for a Plan Participant who terminates employment on or after the date the Plan is terminated is subject to a Withdrawal Charge. (B) Any such payment requested for a Participant whose termination of employment is part of a partial Plan termination under IRS guidelines is subject to a Withdrawal Charge. (C) Even if there is no full or partial Plan termination under Subparagraphs (A) and (B) above, any such termination of employment payments during the Contract Year (or, at our option, during the 365-day period preceding our receipt of a termination of employment benefit payment request) which exceed 20% of the aggregate Account Value of all Participant Accounts determined as of the first day of the Contract Year (or the first day of the 365-day period) are subject to a Withdrawal Charge. (D) Any such payment requested for a Participant who terminates employment on or after the date the Plan Sponsor files for protection under federal bankruptcy law, is deemed insolvent, dissolves, closes, or shuts down its business, or ceases operations is subject to a Withdrawal Charge. GBErTDA.OM-ChuK [(SBR)] 12 (3) Plan benefits not otherwise listed in Paragraphs (1) and (2) above. Such a withdrawal is subject to a Withdrawal Charge.] (b) Regarding death benefits specifically, notwithstand...
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Plan Benefit Payments. You will advise us of any person for whom a payment is due under the Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. Any withdrawal request under this Section must certify the purpose of the request. Prior to notification of contract termination (but not thereafter), you may direct us to withdraw all or a portion of your Account Value to pay to you a single-sum payment (except as described below) for: (a) Plan benefits for retirement, death, disability, unforeseeable emergencies, or required minimum distribution benefits pursuant to Code §401(a)(9). Such a withdrawal is not subject to a Withdrawal Charge. (b) Plan benefits for termination of employment. Such a withdrawal is not subject to a Withdrawal Charge, with the following exceptions: (1) Any such payment requested for a Participant who terminates employment on or after the date your Plan is terminated is subject to a Withdrawal Charge. (2) Any such payment requested for a Participant whose termination of employment is part of a partial Plan termination under IRS guidelines is subject to a Withdrawal Charge. (3) Even if there is no full or partial Plan termination under paragraphs (1) and (2) above, we reserve the right to apply a Withdrawal Charge to any such termination of employment payments during the Contract Year (or, at our option, during the 365- day period preceding our receipt of a termination of employment benefit payment request) which exceed 20% of your Account Value determined as of the first day of the Contract Year (or the first day of the 365-day period). (4) Any such payment requested for a Participant who terminates employment on or after the date the Plan Sponsor files for protection under federal bankruptcy law, is deemed insolvent, dissolves, closes, or shuts down its business, or ceases operations is subject to a Withdrawal Charge. (c) Plan benefits not otherwise listed in Subsections (a) and (b) above. Such a withdrawal is subject to a Withdrawal Charge. Under Subsections (b)(1), (2), (3), and (4) and (c) above, if the entire Account Value is withdrawn, the amount paid equals the Withdrawal Value minus any charges described in §6. If a portion of the Account Value is withdrawn, the Account Value is reduced by an amount sufficient to make the payment requested and to cover the Withdrawal Charge and any charges described in §6. However, under the exceptions specified in Subsections (b)(1), (2), an...
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Plan Benefit Payments. The Contractholder will advise us of any person for whom a payment is due under the Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. (a) Subject to the limitations provided in Section 5.1 and Subsection (b) below, prior to notification of contract termination (but not thereafter), the Contractholder may direct us to withdraw all or a portion of your Account to provide a single-sum payment to the Contractholder to pay: (1) Plan benefits for retirement, death, disability, hardships, loans, required minimum distribution benefits pursuant to Code Section 401(a)(9), or benefits after age 59 1/2 or as otherwise allowed by the Code (provided that such benefits after age 59 1/2 or as otherwise allowed by the Code are paid in a taxable distribution to you). Such a withdrawal is not subject to a Withdrawal Charge. (2) Plan benefits for termination of employment. Such a withdrawal is not subject to a Withdrawal Charge, with the following exceptions: (A) Any such payment requested for a Participant who terminates employment on or after the date the Plan is terminated is subject to a Withdrawal Charge. (B) Any such payment requested for a Participant whose termination of employment is part of a partial Plan termination under IRS guidelines is subject to a Withdrawal Charge. (C) Even if there is no full or partial Plan termination under paragraphs (1) and (2) above, any such termination of employment payments during the Contract Year (or, at our option, during the 365-day period preceding our receipt of a termination of employment benefit payment request) which exceed 20% of the aggregate Account Value of all Participant Accounts determined as of the first day of the Contract Year (or the first day of the 365-day period) are subject to a Withdrawal Charge. (D) Any such payment requested for a Participant who terminates employment on or after the date the Plan Sponsor files for protection under federal bankruptcy law, is deemed insolvent, dissolves, closes, or shuts down its business, or ceases operations is subject to a Withdrawal Charge. (3) Plan benefits not otherwise listed in paragraphs (1) and (2) above. Such a GBErTDA.OM-C [(SBR)] 11 withdrawal is subject to a Withdrawal Charge.] (b) Regarding death benefits specifically, notwithstanding the provisions of Section 9, upon receipt from the Contractholder of instructions and of due proof of your (and, if applicable, your beneficiary's)...
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Plan Benefit Payments. 5.1 A Participant's Account Balance will be paid to the Participant in a lump-sum payment at the time of Benefit Distribution, unless the Participant qualifies to receive benefit payments over a specific benefit payment period. 5.2 A Participant's Account Balance will earn interest under the provisions of Article 4.1 until the time of Benefit Distribution. 5.3 If a Participant is entitled to receive Plan benefit payments over a specific benefit payment period, his Account Balance at the commencement of Benefit Distribution will be credited with an amount equal to the interest such balance would have earned assuming distribution in equal monthly installments over the specific benefit payment period, at a specified interest rate, thereby creating a Benefit Account Balance. The Benefit Account Balance will then be paid to the Participant in equal monthly installments over the specific benefit payment period.
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Plan Benefit Payments. You will advise us of any person for whom a payment is due under the Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. Any withdrawal request under this Section must certify the purpose of the request. (a) Plan benefits for retirement, death, disability, unforeseeable emergencies, or required minimum distribution benefits pursuant to Code section 401(a)(9). Such a withdrawal is not subject to a Withdrawal Charge.] [(b) Plan benefits for termination of employment. Such a withdrawal is not subject to a Withdrawal Charge, with the following exceptions: (1) Any such payment requested for a Participant who terminates employment on or after the date your Plan is terminated is subject to a Withdrawal Charge. (2) Any such payment requested for a Participant whose termination of employment is part of a partial Plan termination under IRS guidelines is subject to a Withdrawal Charge. (3) Even if there is no full or partial Plan termination under paragraphs (1) and (2) above, we reserve the right to apply a Withdrawal Charge to any such termination of employment payments during the Contract Year (or, at our option, during the 365-day period preceding our receipt of a termination of employment benefit payment request) which exceed 20% of your Account Value determined as of the first day of the Contract Year (or the first day of the 365-day period). (4) Any such payment requested for a Participant who terminates employment on or after the date the Plan Sponsor files for protection under federal bankruptcy law, is deemed insolvent, dissolves, closes, or shuts down its business, or ceases operations is subject to a Withdrawal Charge.
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Plan Benefit Payments. You will advise us of any person for whom a payment is due under the Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. Any withdrawal request under this Section must certify the purpose of the request. Prior to notification of contract termination (but not thereafter), you may direct us to withdraw all or a portion of your Account Value to provide a single-sum payment to you to pay a Plan benefit. Such a withdrawal is not subject to a Withdrawal Charge. A withdrawal request is effective, and the Account Value to be applied pursuant to this Section is determined, on the Business Day that we receive a proper withdrawal request (or due proof of death, if received later). We will pay any cash lump-sum to you or your designee within [7 days] from that Business Day, except as we may be permitted to defer such payment of amounts withdrawn from the Variable Account in accordance with appropriate provisions of the federal securities laws. We reserve the right to defer the payment of amounts withdrawn from the FIA for a period of up to [6 months] after we receive the withdrawal request.
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Related to Plan Benefit Payments

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇, (▇▇) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.