Small Benefit. If, at the time benefit payments are scheduled to commence under this Agreement to the Employee or the Employee’s surviving spouse, the lump sum present value of such benefit is less than $100,000, then such benefit will be paid in a single lump sum. The present value of such benefit will be determined using a reasonable life expectancy table used under the Jostens Pension Plan D (or any such successor or replacement plan) and a discount equal to the prime rate in use by the Xxxxx Fargo Bank, Minneapolis, Minnesota, or any successor organization, at the time of the Employee’s termination or death. A payment pursuant to this Section 7 shall be in lieu of all other benefits otherwise due or payable under this Agreement.
Small Benefit. In the event the value of a Participant’s SAP Account is $5,000 or less at the time of such Participant’s Separation from Service, or the value of the balance of the Participant’s SAP Account payable to any Beneficiary is $5,000 or less at the time of the Participant’s death, the Company shall pay the benefit in the form of a lump sum, notwithstanding any provision of this Appendix, the Plan or a Participant’s election to the contrary.
Small Benefit. The Annuitant may withdraw the balance of the Account, upon application by the Annuitant to the Trustee in accordance with subsections 21(15) and 21(16) of the Regulation and if the following conditions are met:
i) the Annuitant requests that the balance be withdrawn by delivering a completed Form 3.6, and a completed Form 3.7 where applicable, to the Trustee;
ii) the total assets held by the Annuitant in all LIRAs, LIFs, and Life Annuities would be commutable upon termination of employment if they were held in a pension fund under a pension plan that permitted payment of the commuted value of the pension benefit in accordance with section 34 of the Act;
iii) the total of the pension adjustments reported to the Annuitant by the Canada Revenue Agency for the 2 taxation years immediately preceding the request for withdrawal is zero; and
iv) the Trustee is satisfied, based upon the information provided in Forms 3.6 and 3.7 and any other information that has been requested by the financial institution, that the reported present distribution of assets transferred from pension funds connected with employment in the Province is consistent with the amounts reported to have been transferred from such pension funds, and the requested withdrawal is permitted under the Regulation.
Small Benefit. Notwithstanding any other provision or provisions of this Plan to the contrary, if any Normal, or Early Retirement Benefit is for an amount of less than fifty dollars per month, such benefit shall instead be paid in a lump sum which is the Actuarial Equivalent of such monthly benefit.
Small Benefit. The Annuitant may, upon application to the Trustee, withdraw the balance of the Account if the following conditions are met:
i) the Annuitant requests that the balance be withdrawn by delivering the applicable prescribed form(s) duly completed to the Trustee (Forms 3.6 and/or 3.7);
ii) the total assets held by the Annuitant in all LIRAs, LIFs, and Life Annuities would be commutable upon termination of employment if they were held in a pension fund under a pension plan that permitted payment of the commuted value of the pension benefit in accordance with section 34 of the Act;
iii) the total of the pension adjustments reported to the Annuitant by the Canada Revenue Agency for the two taxation years immediately preceding the request for withdrawal is zero; and
iv) the Trustee is satisfied, based upon the information provided in Forms 3.6 and 3.7 and any other information that it has requested, that the reported present distribution of assets transferred from pension funds connected with employment in the Province is consistent with the amounts reported to have been transferred from such pension funds.
