DROP Effective Date definition
Examples of DROP Effective Date in a sentence
An eligible Participant who voluntarily elects to have the provisions of this Section 4.06 apply shall irrevocably elect to retire no later than three years following the DROP Effective Date on which the Participant makes a DROP Election in accordance with Section 4.06(c).
On and after the DROP Effective Date, the Participant shall cease to be eligible for a Disability Retirement Pension under Article 5.
A DROP Election using the form provided by the Benefits Office must be filed with the Benefits Office at least sixty (60) days prior to the proposed DROP Effective Date.
If the DROP Election is in effect at the close of regular business hours on the seventh calendar day after the date on which the Participant signs the DROP Election, the DROP Election (including, without limitation, the DROP Effective Date and the commitment to terminate employment and retire on the date specified) shall thereupon become irrevocable.
The proposed DROP Effective Date selected by the Participant shall be subject to approval of the Board of Trustees.
If a Participant makes a valid DROP Election, the amount accrued by a Participant after his or her DROP Effective Date and the amount payable with respect to the Participant’s Normal Retirement Pension shall be determined solely and exclusively by the provisions of this Section 4.06 and, except as otherwise specifically provided herein, the Participant shall not be entitled to any other payment, benefit or amount with respect to his or her Normal Retirement Pension.
Absent mutual written agreement to the contrary, the provisions of this Section 4.06 shall terminate effective September 30, 2010 and shall be of no fur- ther force or effect after such date; provided, however, that notwithstanding the termination of this Section 4.06, the provisions of this Section 4.06 shall continue to apply to (and determine the benefits of) any eligible Participant whose DROP Effective Date occurred on or before September 1, 2010.
A DROP Election using the form provided by the Benefits Office must be filed with the Benefits Office at least sixty (60) days prior to the pro- posed DROP Effective Date.
If a Participant who makes a DROP Election dies before the DROP Effective Date, the DROP Election shall be inoperative, and the death benefits, if any, payable on account of the Participant’s death shall be determined in accor- dance with the remaining provisions of the Plan.
If a Participant makes a valid DROP Election, the amount accrued by a Participant after his or her DROP Effective Date and the amount payable with respect to the Participant’s Normal Retirement Pension shall be determined solely and exclu- sively by the provisions of this Section 4.06 and, except as otherwise specifically provided herein, the Participant shall not be entitled to any other payment, bene- fit or amount with respect to his or her Normal Retirement Pension.