Specified Payments Option Clause Samples

Specified Payments Option. Subject to the provisions of the Plan, the Participant may elect that monthly payments in a specified amount be paid to the Participant at any time before the Annuity Commencement Date. This monthly payment must be at least [$100]. A Notice of such election must specify the amount to be withdrawn each month and the account it is to be withdrawn from. If amounts are to be withdrawn from more than one account to make up the specified amount, the amount or percentage to be withdrawn from each account must be specified in such election. Payment of the specified amount shall begin on the later of (a) the date designated in the election form or (b) the date the Company receives all necessary information and Notices to begin such payments. If such date is not a Business Day, payments of the specified amount shall begin on the next Business Day following such date. The amount of the specified payment shall be deducted from the accounts designated in the election Notice. Payments shall cease at the earliest of: (a) the date the Company receives Notice of the Participant’s death; (b) the date the Company receives Notice from the Participant to cancel this option; (c) the first date on which the value of a designated account is not sufficient to provide the portion of the specified amount to be withdrawn from such account; or (d) the Annuity Commencement Date. At any time before payments cease, the Participant has the right to: (a) request a change in the amount of the monthly payment; or (b) request a change in the accounts from which the amount of the monthly payment are to be withdrawn; or (c) cancel this option.

Specified Payments Option. If the Participant or designated beneficiary elects a Specified Payments Option as described in this Section 4.3, then the Participant’s Account Balance held under this Contract will continue to be maintained in the Investment Accounts until withdrawn. Under a Specified Payments Option, payments of a specified amount are payable each month. The Participant may elect for monthly payments to be made to the Participant at any time before the Annuity Commencement Date and on or after (a) in the case of a Participant whose employment terminates after age 55, the date on which the Participant terminates employment with the Employer, and (b) age 59 1/2, in the case of any other Participant. The designated beneficiary may elect to receive monthly payments upon the Participant’s death before the Annuity Commencement Date. The amount of each monthly payment will be the greater of: (a) $100; or (b) the amount specified in the form electing this option.

Specified Payments Option. Subject to the Plan Restrictions provision of Section 7 of this Certificate, you may elect that monthly payments in a specified amount be paid to you at any time before the Annuity Commencement Date. This monthly payment must be at least [$100]. A Notice of such election must specify the amount to be withdrawn each month and the account it is to be withdrawn from. If amounts are to be withdrawn from more than one account to make up the specified amount, the amount or percentage to be withdrawn from each account must be specified in such election. Payment of the specified amount shall begin on the later of: (a) the date designated in the election form; or (b) the date the Company receives all necessary information and Notices to begin such payments. If such date is not a Business Day, payments of the specified amount shall begin on the next Business Day following such date. The amount of the specified payment shall be deducted from the accounts designated in the election Notice. Payments shall cease at the earliest of: