Small Benefits. Notwithstanding any provision of this Plan to the contrary, in the event the actuarial equivalent (as deter- mined pursuant to Article IV, Section 16(d)) of a Participant's vested Normal, Early or Late Retirement Pension, a benefit payable pursuant to Article IV, Section 4(b), Disability Pension, or the spousal death benefit provided under Article IV, Section 9, whichever is applicable, is equal to or less than the Cash-Out Amount, the benefit shall automatically be paid in the form of a cash lump sum equal to such actuarial equivalent of such benefit. Such payment shall be made as soon as practicable. Such benefit and all Credited Hours and Qualified Years attributable to such benefit shall thereupon be disregarded for all purposes under this Plan.
Small Benefits. We shall make a payment equal to the sum of the Guaranteed Withdrawal Market Value and the net actuarial value of Our guarantee to the Participant B[or Eligible Spouse] under this Rider if:
a. the A[Annual Guaranteed Withdrawal Amount] at the Guaranteed Withdrawal Lock-In Date is less than any minimum A[Annual Guaranteed Withdrawal Amount] required by Us in this Rider; or
b. the Plan requires the Participant’s B[or Eligible Spouse’s] Plan account balance to be distributed without the Participant’s B[or Eligible Spouse’s] consent, other than distributions intended to comply with requirements of Section 401(a)(9) of the Code or regulations thereunder, and such amount is not transferred directly to a contract in accordance with Section 9 of this Rider. In such event, the Participant’s B[or Eligible Spouse’s] Guaranteed Withdrawal Account will be cancelled and no further benefits will be provided to the Participant B[or Eligible Spouse] under this Rider.
Small Benefits. Notwithstanding any provision of this Plan to the contrary, in the event the value of the Participant’s Individual Account, determined in accordance with Article VI, Section 1 with respect to his Normal, Early, Late or Disability Retirement Date or death, whichever is applicable, is equal to or less than the Cash-Out Amount, the benefit shall automatically be paid in the form of a cash lump sum benefit equal to such balance of the Participant’s Individual Account. Such cash lump sum payment shall be made as 120 ADDED – Amendment LXXIV, December 11, 2008, effective January 1, 2009, Article VI, Section 3(e) is added. 121 AMENDED – Amendment XI, December 18, 1990, retroactively effective December 24, 1989. AMENDED – Amendment XVI, December 17, 1997, effective January 1, 1998. AMENDED – Amendment XXXI, August 23, 2000, effective October 17, 2000. 1993 Restated Trust Agreement (Inclusive of Amendments I through XCIX) soon as practicable following the applicable date. If the Participant receives a lump sum pursuant to this Section 4, the Participant may elect any form of benefit permitted under the Pension Plan with respect to his benefits under the Pension Plan.
Small Benefits. We shall make a payment equal to the sum of the Guaranteed Withdrawal Market Value and the net actuarial value of Our guarantee to the Participant B[or Eligible Spouse] under this Rider if:
Small Benefits. Effective July 1, 2012, if the annual retirement income payments at normal retirement date under the Retirement Agreement are less than four percent (4%) of the YMPE as at the Date of Determination, or if the Actuarial Equivalent of such retirement income payments does not exceed twenty percent (20%) of the YMPE as at the Date of Determination, the Pension Board Committee may direct, subject to Section 9.06, the payment of the Actuarial Equivalent in a lump sum to the recipient.
Small Benefits. Notwithstanding any other provision in the Plan to the contrary, if the Value of a Participant's nonforfeitable retirement income at his Termination of Employment, retirement or death prior to the commencement of payments is $3,500 (and, effective January 1, 1998, $5,000) or less, the Plan Administrator shall authorize a lump sum payment of such Value in lieu of all future payments. If the Value of a Participant's nonforfeitable retirement income at his Termination of Employment, retirement or death prior to commencement of payments is $0, the Participant or, if applicable, his Beneficiary, shall be deemed to have received a lump sum payment of the vested nonforfeitable retirement income. For purposes of this paragraph (G), Value means the actuarially equivalent value of the normal form of retirement income payable in the form of a lump sum. Prior to January 1, 2000, the value shall be based upon the PBGC immediate annuity interest rate in effect three (3) months prior to the Participant's Termination of Employment, retirement or death (or, if lesser, the interest rate which would be used as of the date of the distribution by the PBGC for purposes of determining the present value of a lump sum distribution on plan termination) and the UP-1984 Mortality Table. Effective January 1, 2000, except as otherwise provided in Table A, the value shall be calculated as of the date of distribution (I) using the GATT Applicable Mortality Table and the GATT Applicable Interest Rate, both as set forth in Table A. ================================================================================ 187 52 XXXXXX FEDERAL SAVINGS BANK
Small Benefits. If the actuarial value of any Supplemental Benefit is less than $3,500, the Company may pay the actuarial value of such Benefit to the Participant or Beneficiary in a single lump sum in lieu of any further benefit payments hereunder.
Small Benefits. Notwithstanding any other provisions of the Plan, in the event the pension to which a Member is entitled at normal retirement date, is not more than four per cent (4%) of the Year's Maximum Pensionable Earnings in the year of termination of employment or the commuted value is less than twenty per cent (20%) of the Year's Maximum Pensionable Earnings in the year of termination of employment, the University may, in its sole discretion, authorize that such benefit be payable quarterly, semi-annually or annually in advance, in an amount which is the Actuarial Equivalent thereof, or that it be paid in a single lump sum equal to the commuted value of such benefits. Notwithstanding any other provisions of the Plan, where the annual benefit payable upon the Member's death is not more than 4% of the current YMPE or the commuted value of the benefit is less than 20% of the current YMPE, the University may, in its sole discretion, authorize that such benefit be payable quarterly, semi-annually or annually in advance, in an amount which is the Actuarial Equivalent thereof, or that it be paid in a single lump sum equal to the commuted value of such benefits. However, if the first instalment of the Member's pension was due prior to July 1, 2012, any lump sum payment shall require the written consent of the Spouse.
Small Benefits. 16 EXHIBIT A Actuarial Equivalence Factors EXHIBIT B Beneficiary Designations FORM I Beneficiary Designation FORM II Beneficiary Designation for 50% or 100% Joint and Survivor Annuity FORM III Beneficiary Designation for 10 Year Certain Life Annuity THE PENN TRAFFIC COMPANY SUPPLEMENTAL RETIREMENT PLAN FOR NON-EMPLOYEE EXECUTIVES ARTICLE I ESTABLISHMENT, PURPOSE AND EFFECTIVE DATE OF PLAN
Small Benefits. If any monthly benefit that shall be payable to any person under the Plan shall be less than $400, then, if the Committee shall so direct, the aggregate of the amounts which shall be payable to such person in any year shall be paid in quarterly, semiannual or annual installments. If the present value of the accrued benefit of any Executive whose Termination Date is prior to age 55 is less than $3,500, then the Committee may at any time direct that the actuarial equivalent of such benefits (determined using the assumptions under Section 7.10 hereof) shall be paid to his in a lump sum in lieu of any benefits to which he may be entitled under this Plan. THE PENN TRAFFIC COMPANY By: /s/ Xxxxxxx X. Xxxxx ------------------------------------ Xxxxxxx X. Xxxxx, Xx. Vice President and Assistant Secretary EXHIBIT A ACTUARIAL EQUIVALENCE FACTORS The interest rate, mortality table and other factors, if any, applicable for purposes of determining an Actuarial Equivalent benefit under Plan shall be determined in accordance with the applicable section of this Exhibit A as set forth below.
