Special Supplement Benefit Option - Accelerated Payout Alternative Sample Clauses

Special Supplement Benefit Option - Accelerated Payout Alternative. Under the Accelerated Payout Alternative, an eligible employee can request payment of the Special Supplement prior to retirement at age 60. If this alternative is elected the individual will receive monthly payments of $375 each, beginning the month after the individual's written request is received in accordance with established administrative procedures. The number of months over which such payments will be made to such individual will equal the number of monthly payments he is otherwise entitled to under Alternative 1 set forth in paragraph 4 above. Once commenced, payments will continue consecutively for such number of months, unless the individual returns to employment with GE or a GE Affiliate, in which case the individual shall cease to be eligible for any remaining payments. To receive payment under the Accelerated Payout Alternative eligible employees must also meet the following conditions: - Six months must have passed since the "Permanent Job Loss Event." - The employees must not have withdrawn their pre-1989 contributions from the Pension Plan at the time the request for accelerated payment is made, or during the period the accelerated payments continue. In the event such contributions are withdrawn during this period, payments will cease. The prohibition against withdrawals will not apply once the individual attains age 60. - The employees must not be employed by GE or a GE affiliate.
Sample 1
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