Small Account Balances. Notwithstanding the foregoing provisions of the Plan, and except as provided in Section 7.3, if the value of all portions of a Member's Account under the Plan, when aggregated, is equal to or exceeds $500, then the Account will not be distributed without the consent of the Member prior to age 65 (at the earliest), but if the aggregate value of all portions of his Account is less than $500, then his Account will be distributed as soon as practicable following the termination of Employment by the Member.
Small Account Balances. Distribution requests less than $5,000 will be made in the form of a lump sum payment to the Participant. If distribution requests for amounts less thant $5,000 are submitted requesting periodic payments, the Employer or Plan TPA has the right to send Instructions to the Custodian to process the distribution as a lump sum without the consent of the Participant or Beneficiary.
Small Account Balances. Notwithstanding the foregoing provisions of the Plan, and except as provided in Section 7.3, if the value of all portions of a Member’s Account under the Plan, when aggregated exceeds $500, then the Account will not be distributed without the consent of the Member prior to age 65 (at the earliest), but if the aggregate value of all portions of his Account is $500 or less, then his Account will be distributed in cash in a lump sum as soon as practicable following the termination of Employment by the Member. If the Plan Administrator shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due him or his estate (unless a prior claim therefore has been made by a duly appointed legal representative) may be paid to his Spouse, relative or any other person deemed by the Plan Administrator to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Trust Fund therefor.
Small Account Balances. Once eligible for a distributable event, the terms of the Individual Agreement may permit distributions to be made in the form of a lump-sum payment, without the consent of the Participant or Beneficiary, but no such payment may be made without the consent of the Participant or Beneficiary unless the Account Balance does not exceed $5,000 (determined without regard to any separate account that holds rollover contributions under Section 6.1) and any such distribution shall comply with the requirements of section 401(a)(31)(B) of the Code (relating to automatic distribution as a direct rollover to an individual retirement plan for distributions in excess of $1,000).
Small Account Balances. Distribution requests less than $5,000 will be made in the form of a lump sum payment to the Participant. If distribution requests for amounts less that $5,000 are submitted requesting periodic payments, Plan Provider has the right to send Instructions to the Custodian to process the distribution as a lump sum without the consent of the Participant or Beneficiary. In the event the Plan is subject to ERISA, the $5,000 shall be reduced to $1,000 each place it occurs in this Section.
Small Account Balances. 68 Section 5 Amounts Payable to Incompetents, Minors or Estates....................... 68 Section 6 Non-Alienation of Amounts Payable........................................ 68
Small Account Balances. Subject to Section 9.1(b)(ii) above, if, at the time of a Participant’s or Employee’s Termination of Employment, or immediately after an Alternate Payee’s benefit is segregated pursuant to a Qualified Domestic Relations Order, such person’s aggregate account balances in all retirement plans administered by the Administrator (except pre-82 balances in MPP) does not exceed $5,000, the entire amount of his or her Vested Account Balance will be distributed as a lump sum to the appropriate Accountholder as soon as administratively feasible. A Disabled Participant who has incurred a Termination of Employment or an Accountholder receiving Cash Installments must consent to such distribution.
Small Account Balances. If authorized in the Adoption Agreement, the Plan will permit distributions to be made in the form of a lump-sum payment, without the consent of the Participant or Beneficiary, if allowed in the terms of the Individual Agreements, but no such payment may be made without the consent of the Participant or Beneficiary unless the Account Balance does not exceed $5,000 (determined without regard to any separate account that holds rollover contributions under Section 6.1) and any such distribution shall comply with the requirements of section 401(a)(31)(B) of the Code (relating to automatic distribution as a direct rollover to an individual retirement plan for distributions in excess of $1,000).
Small Account Balances. Notwithstanding anything to the contrary contained in this Section 6.2, in the event that the value of a Participant’s Retirement Account as of the distribution date is less than the Minimum Distribution Amount, or the value of an In-Service Account as of the In-Service Distribution Date applicable to that In-Service Account is less than the Minimum Distribution Amount, distribution shall be made in the form of a lump sum. For purposes of this provision, the Minimum Distribution Amount shall be $10,000, or such lesser amount as shall not violate the requirements of Section 409A of the Code.
Small Account Balances. Notwithstanding any other provision of the Plan to the contrary, if a total Participant’s vested Account balance is $5,000 or less (excluding Rollover Contributions), such balances shall be distributed as soon as practicable after his termination of employment in a lump-sum payment; provided, however, in the event of a distribution under this Section 14.3(b) that is greater than $1,000 (but that does not exceed $5,000), if the Participant does not elect to have such distribution paid in a Direct Rollover (pursuant to Section 14.4) to an eligible retirement plan (as defined in Section 402(c)(8)(B) of the Code) specified by the Participant or to receive the distribution directly, then the Plan Administrator will pay the distribution in a Direct Rollover to an individual retirement plan designated by the Plan Administrator.
