Termination Payouts Clause Samples

Termination Payouts. 6.2.1 A Participant who has a Termination of Employment prior to one year of Plan Participation shall receive an amount equal to his or her Deferral Account, less any credited earnings. Payment shall be made in a lump sum within twelve months following Termination of Employment. 6.2.2 A Participant who has a Termination of Employment after one year of Plan Participation but prior to 10 years of Plan participation shall receive payment in a lump sum within twelve months following Termination of Employment equal to his or her Deferral Account(s) as of the most recent quarterly valuation. 6.2.3 A Participant who has a Termination of Employment after 10 years of Plan participation shall be subject and entitled to the Normal Payout provisions set forth in Section 6.4.