Common use of Small Benefit Clause in Contracts

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. 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.