SMALL ANNUITIES. SAMPLE If the amount of Annuity payments would be or becomes less than $20 per month, or other amount as permitted by law, Nationwide may make a Cash Payment to the Participant, Beneficiary, or Contract Owner. The Cash Payment will be equal to the consideration specified in Section 5.2, less any tax or charges. DB
SMALL ANNUITIES. If the amount to be applied to purchase an Annuity is less than $5,000, or other amount as permitted by law, Nationwide may, instead of purchasing an Annuity, make a Cash Payment to the Participant, Beneficiary, or Contract Owner. The Cash Payment will be equal to the amount to be applied, less any tax or charges. SAMPLE DC The Contract Owner must provide all of the information which Nationwide shall specify to the Contract Owner as being required in order to determine the amount of consideration required to purchase an Annuity. Nationwide will purchase an Annuity by withdrawing from the Guaranteed Fund the full consideration therefore, plus the amount of tax, if any. In the event a notice to purchase an Annuity is received by Nationwide after the first Annuity payment becomes due, the first payment will be adjusted accordingly if requested by the Contract Owner. The amount of the back payment will be equal to the dollar amount of the payments to be adjusted prior to the first Annuity payment, without increase for delay. If the Withdrawal requested, plus any applicable expense charges and taxes, exceeds the amount of the Guaranteed Fund, the amount of the Annuity and any back payment will be limited to that which can be purchased by the amount of the Guaranteed Fund remaining after Withdrawal of any tax or charges.
SMALL ANNUITIES. If the amount to be applied to purchase an Annuity is less than $5,000, or other amount as permitted by law, Nationwide may, instead of purchasing an Annuity, make a Cash Payment to the Participant, Beneficiary, or Contract Owner. The Cash Payment will be equal to the amount to be applied, less any tax or charges.
SMALL ANNUITIES. We reserve the right to make annuity payments at three-, six-, or twelve-month intervals, or in a single lump sum, if necessary to comply with Our minimum payment rules in effect at the time the annuity option is selected. SAFUNDAGR-INT-97
SMALL ANNUITIES. If the sum of (a) the lump sum Actuarial Equivalent value of a Normal, Early, or Deferred Retirement Benefit under Article III, Termination Benefit (payable at the Participant’s Normal Retirement Date) under Article IV or Survivor’s Benefit under Article VII, excluding any Aetna or Prudential nonparticipating annuity; and (b) the lump sum Actuarial Equivalent value of any Aetna or Prudential nonparticipating annuity is equal to $5,000 (effective January 1, 2005, $1,000) (or such other amount as may be prescribed in or under the Code) or less, such amounts shall be paid in a lump sum as soon as administratively practicable following the Participant’s retirement, termination of employment or death. For lump sum distributions paid on or after January 1, 2003, if the Participant is thereafter reemployed by the Company, the Participant’s subsequent benefit will be reduced by the lump sum Actuarial Equivalent value of the lump sum distribution previously paid to the Participant. For lump sum distributions paid prior to January 1, 2003, if a Participant who has received such a lump sum distribution is thereafter reemployed by the Company, the Participant shall have the option to repay to the Plan the amount of such distribution, together with interest at the rate of 5% per annum (or such other rate as may be prescribed pursuant to section 411(c)(2)(C)(III) of the Code), compounded annually from the date of the distribution to the date of repayment. If a reemployed Participant does not make such repayment, no part of the Period of Service with respect to which the lump sum distribution was made shall count as Years of Vesting Service or Years of Credited Service.
SMALL ANNUITIES. If the lump sum Actuarial Equivalent value of a retirement or survivor’s benefit is $5,000 or less, such amount shall be paid in a lump sum as soon as administratively practicable following the Participant’s retirement, termination of employment, or death. If a lump sum distribution is so paid and the Participant is thereafter reemployed by the Company, the Participant shall have the option to repay to the Plan the amount of such distribution, together with interest at the rate of 5% per annum (or such other rate as may be prescribed pursuant to section 411(c)(2)(C)(III) of the Code), compounded annually from the date of the distribution to the date of repayment. If a reemployed Participant does not make such repayment, no part of the Period of Service with respect to which the lump sum distribution was made shall count as Years of Vesting Service or Years of Credited Service.
SMALL ANNUITIES. If the lump sum Actuarial Equivalent value of a retirement or survivor’s benefit is $5,000 or less, such amount shall be paid in a lump sum as soon as administratively practicable following the Participant’s retirement, termination of employment, or death. If a lump sum distribution is so paid and the Participant is thereafter reemployed by the Company, the Participant shall have the option to repay to the Plan the amount of such distribution, together with interest at the rate of 5% per annum (or such other rate as may be prescribed pursuant to section 411(c)(2)(C)(III) of the Code), compounded annually from the date of the distribution to the date of repayment. If a reemployed Participant does not make such repayment, no part of the Period of Service with respect to which the lump sum distribution was made shall count as Years of Vesting Service or Years of Credited Service.
