Benefit Payment Option definition

Benefit Payment Option means one of the schedules specifying the timing of the payment of a Participant's Benefit under the Plan as set forth in Section 5.4 of the Plan.
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Benefit Payment Option means the date and method of payment elected by Employee for each Salary Deferral for the distribution of Employee's Benefit attributable to such Salary Deferral. The Benefit Payment Option shall consist of (i) the date of payment of the Benefit, such date to begin not earlier than one (1) year from the effective date of Employee's Salary Deferral with respect to such amount and not later than the later of the date Employee attains age 70 or terminates employment; and (ii) the method of payment, such method to be either a lump sum or installments over a fixed period not to exceed ten years. Upon request, the Company shall allow a change in Employee's Benefit Payment Option; provided, however, that any new selection made within one (1) year of the date benefits are to commence under either the initial Benefit Payment Option or the revised Benefit Payment Option shall be disregarded. Notwithstanding the Benefit Payment Option selected by Employee, if Employee's termination of employment is due to death, Benefits shall be distributed to Employee's designated beneficiary as soon as practicable after the date of Employee's death in the form of a lump sum distribution. In addition, if Employee is receiving installment distributions and dies prior to the receipt of all installments, Employee's remaining Benefit shall be paid in a lump sum to Employee's designated beneficiary as soon as practicable after the date of Employee's death. In the event of the permanent and total disability of Employee, the Company may in its sole discretion accelerate payment of Employee's Benefit. Except as set forth below with respect to the 162(m) limit, Employee may at any time, upon written request to the Company, receive a lump sum distribution equal to ninety percent (90%) of his total Benefit. Upon such distribution, the remaining ten percent (10%) of the Benefit shall be permanently forfeited and returned to the Company. Notwithstanding any other provision herein, the Company, in its sole and absolute discretion, may cause distribution of Employee's Benefit to Employee at any time. Notwithstanding the obligations of the Company and the Rabbi Trust to make distribution(s) of the Benefit to Employee under the Benefit Payment Option and this Agreement, if the amount of the Benefit to be distributed to Employee during any calendar year, when combined with any other compensation paid to Employee during such calendar year, exceeds the amount which is deductible by the Company under I...
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Benefit Payment Option means the method by which benefits are paid to the Participant or, if applicable, to the Beneficiary, as described in Section 5.07 of this Plan.
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Examples of Benefit Payment Option in a sentence

  • Only You may revoke or change a Pre-selected Death Benefit Payment Option.

  • The Company will pay the death benefit consistent with Your Pre-selected Death Benefit Payment Option unless the Internal Revenue Code requires otherwise or Your election requires payment over a period that exceeds the Beneficiary's life expectancy.

  • Revocations and changes to a Pre-selected Death Benefit Payment Option are effective only after being recorded by the Company.

  • If We do not receive Due Proof of Death by the end of the Death Benefit Payment Election Period shown on the Contract Schedule, We will automatically apply the Default Death Benefit Payment Option shown on the Contract Schedule.

  • TRANSFER OPTION If the Guaranteed Income Benefit Payment Option has been selected by an Owner and has not been terminated, then an Owner may not direct transfers between the Variable Subaccounts and/or the Fixed Account(s); otherwise, an Owner may direct a transfer between the Variable Subaccounts and/or the Fixed Account(s) of any portion of the Account Value, subject to the terms of the Transfer Option provisions of the Contract for transfers occurring prior to the Annuity Commencement Date.

  • If no Death Benefit Payment Option is selected, we default payment to Option B.

  • Please complete only if the Benefit Payment Option you have selected provides for benefits payable after your death.

  • VA785NY 13 DEATH BENEFIT PROVISIONS (CONT'D) Pre-selected Death Benefit Payment Option Election.

  • This Spousal Continuation Option may be exercised only once, but may not be available if You designated a Pre-selected Death Benefit Payment Option.

  • TRANSFER BETWEEN VARIABLE SUBACCOUNTS OPTION If the Guaranteed Income Benefit Payment Option has been selected by an Owner and has not been terminated, then an Owner may not direct transfers between the Variable Subaccounts; otherwise, an Owner may direct a transfer between the Variable Subaccounts of any portion of the Account Value, subject to the terms of the Transfer Option provisions of the Contract for transfers occurring prior to the Annuity Commencement Date.

Related to Benefit Payment Option

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • SERP Benefit means the benefit described in Section 5.1.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Accrued Benefit have the meanings specified in ERISA.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Termination Benefit means the benefit set forth in Article 7.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.