Benefit Distribution Election definition
Examples of Benefit Distribution Election in a sentence
A "Sub Account" may be established under the Plan for each Participant who is (i) actively employed by the Employer, (ii) receiving distributions pursuant to a Benefit Distribution Election, and (iii) elects to make salary deferrals and/or deferrals of amounts payable under the AIP, VIP and/or MIP to this Plan or is receiving Additional Contributions.
Such Benefit Distribution Election shall specify a Distribution Date which shall be at least one year from the date the Benefit Distribution Election is delivered to the Plan Administrator.
The Executive's Benefits shall be distributed, or distribution shall commence, upon Executive's termination of Employment with the Company, death or Total Disability, if the Executive does not have an Early Benefit Distribution Election in effect, or if such Termination Event occurs prior to the Executive's Early Benefit Distribution Date.
Notwithstanding the foregoing, if the Participant voluntarily terminates employment and if the Participant has specified the method of distribution in his or her Benefit Distribution Election, then the Participant's Accounts may be paid out in a lump sum or in one of the forms of distribution specified in subparagraph (a), above, in accordance with the Participant's Benefit Distribution Election; the form of distribution shall be determined by the Plan Administrator in its sole discretion.
Such Early Benefit Distribution Election shall be made on Executive's initial Salary Deferral Election or in such other manner as the Committee shall specify.
A Participant who has incurred a Termination Event may amend a Benefit Distribution Election as provided in this subparagraph but may not revoke a Benefit Distribution Election.
Except as otherwise provided in this Article V, the Benefit Distribution Election shall apply to all amounts credited to a Participant's Account on the Distribution Date designated therein, or to such lesser dollar amount as may be specified in the Benefit Distribution Election.
Such Early Benefit Distribution Election shall specify an Early Benefit Distribution Date which shall be no less than one year from the date such Early Benefit Distribution Election is made.
Any amendment to a Benefit Distribution Election shall satisfy the requirements of Article 5.1(c)(i).
A Participant may elect a Distribution Date by filing a Benefit Distribution Election at such time and in such manner as the Plan Administrator shall specify.