Installment Form of Payment definition

Installment Form of Payment means, with respect to his or her Single Lump Sum form payment the Pension Benefit, the term of five (5) years over which to pay such Single Lump Sum form of the Pension Benefit in annual installments during the 5-year period, with each installment being equal to the amount necessary to amortize such Single Lump Sum in five (5) equal installments using an interest rate equal to the discount rate that was used in determining the amount of the Single Sum Payment.
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Installment Form of Payment means, with respect to Employee Savings Account, Employer Savings Account, and Retirement Bonus Account, the payment of such Accounts in annual installments over a period of fifteen (15) years, or if paid pursuant to an Advance Election, over a period of five (5) years or ten (10) years, with each installment being an amount equal to the amount determined by dividing the applicable balance of such Accounts as of the date of payment by the number of dates of payment remaining in the installment period (including the current date of payment), and each annual installment being paid on the one year anniversary of the first payment.
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Installment Form of Payment means with respect to each Plan Year's Pre-Tax Account, the term of years selected by the Participant in his or her annual Deferral Election form over which to pay such Pre-Tax Account in annual installments commencing as of the Payment Date of such Pre-Tax Account and payable on each January 1 thereafter over a period of not less than two (2) nor more than ten (10) years (stated as a number of whole integers), with each installment being an amount equal to the amount determined by dividing the applicable balance of such Pre-Tax Account as of the date of payment by the number of dates of payment remaining in the installment period (including the current date of payment).
Sample 1

Examples of Installment Form of Payment in a sentence

  • The form of payment of the balance of a Participant's Accounts (other than his or her MIC Account for each Plan Year) will be a single sum payment except with respect to those Accounts for which the Participant has selected the Installment Form of Payment on his or her Deferral Election Form, in which case such Accounts will be paid in the Installment Form of Payment.

  • The form of payment of the balance of a Participant's MIC Account for each Plan Year will be a single sum payment except with respect to those MIC Accounts for which the Participant has selected the Installment Form of Payment on his or her Deferral Election Form, in which case such MIC Accounts will be paid in the Installment Form of Payment.

  • The Participant shall designate on the Advance Election form whether the Participant elects to take his Retirement Benefit in the form of an Installment Form of Payment or a Single Lump Sum.

  • If a Participant's Payment Date occurs while he or she is still an employee of the Participating Employer (because of the time of payment provisions in Code Section 401(a)(9)), payment under the Plan shall not begin until the first of the month next following the Participant's Termination of Employment and the form of payment under this Plan shall remain the Installment Form of Payment for fifteen (15) years.

  • If a Participant has no Retirement Benefit under the Pension Plan, his or her Retirement Bonus Account will be paid in the Installment Form of Payment for fifteen (15) years commencing on the first day of the month next following the month in which occurs the later of (1) his or her attainment of age fifty-five (55); or (2) his or her Termination of Employment.

  • Notwithstanding the foregoing, the Optional Installment Form of Payment described above shall only be available for the balance of a Participant's account as of the date of adoption of this Plan as Amended and Restated effective November 1, 1989.

  • If a Participant covered by this subSection has an Advance Election to receive an Installment Form of Payment in effect, the Participant’s Retirement Bonus Account shall be paid in an Installment Form of Payment.

  • If a Participant has no Retirement Benefit under the Pension Plan, his or her Retirement Bonus Account will be paid in the Installment Form of Payment for fifteen (15) years commencing on the first day of the month next following the month in which occurs the later of (1) his or her attainment of age fifty-five (55); or (2) the sixth month anniversary of his or her Termination of Employment.

  • The form of payment of the balance of a Participant's Pre-Tax Account for a Plan Year will be a single sum payment except with respect to those Accounts for which the Participant has selected the Installment Form of Payment on his or her Deferral Election form, in which case such Pre-Tax Accounts will be paid in the Installment Form of Payment.

  • Subject to the next sentence, a Participant described in this subsection shall be paid his or her Retirement Bonus Account in the Installment Form of Payment for fifteen (15) years commencing at the same time as he or she is paid his or her Retirement Benefit under the Pension Plan.

Related to Installment Form of Payment

  • Installment Payment has the meaning ascribed to it in Section 2.02(a).

  • Installment Payment Date means the date on which an installment payment of an assessment is payable.

  • Installment Due Date means, for any monthly installment of interest-only or principal and interest, the date on which such monthly installment is due and payable pursuant to Section 3 of this Note.

  • Installment Payments shall have the meaning set forth in Section 5(b)(ii).

  • Installment Date as defined in Section 2.12.

  • Installment Amount means the sum of (A) (i) with respect to any Installment Date other than the Maturity Date, the lesser of (x) the quotient of (I) the Principal amount outstanding under this Note as of the initial Installment Date, divided by (II) the number of Installment Dates occurring hereunder (as determined as of the initial Installment Date assuming no Deferrals, Accelerations, redemptions or conversions hereunder prior to the Maturity Date) and (y) the Principal amount then outstanding under this Note as of such Installment Date, and (ii) with respect to the Installment Date that is the Maturity Date, the Principal amount then outstanding under this Note as of such Installment Date (in each case, as any such Installment Amount may be reduced pursuant to the terms of this Note, whether upon conversion, redemption or Deferral), (B) any Deferral Amount deferred pursuant to Section 8(d) and included in such Installment Amount in accordance therewith, (C) any Acceleration Amount accelerated pursuant to Section 8(e) and included in such Installment Amount in accordance therewith and (D) in each case of clauses (A) through (C) above, the sum of any accrued and unpaid Interest and Make-Whole Amount with respect thereto as of such Installment Date under this Note, if any, and accrued and unpaid Late Charges, if any, under this Note as of such Installment Date. In the event the Holder shall sell or otherwise transfer any portion of this Note, the transferee shall be allocated a pro rata portion of the each unpaid Installment Amount hereunder.

  • Enrollment Form means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period.

  • Investment Form means a standardized form prescribed by the Management Company to be duly filled by the investor to purchase Units and will be stated in this Offering Document.

  • Installment as defined in Section 2.12.

  • Assignment Form means the assignment form attached as Annex 2 hereto.

  • Payment Schedule ’ means a schedule which sets out—

  • Schedule of Payments means the schedule of payments disclosed on a Contract.

  • Debit Payment means a particular transaction where a debit is made.

  • Installment buyer or "buyer" means a person that buys, hires, or leases a motor vehicle for personal, family, or household use, and not for commercial, business, or agricultural use, under an installment sale contract or a legal successor in interest to that person.

  • Installment sale contract or "contract" means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. The terms include a loan, mortgage, conditional sale contract, purchase-money chattel mortgage, hire-purchase agreement, or

  • Coupon Payment Date means each day specified to be an Coupon Payment Date in the Product Terms.

  • Proof of payment means, as applicable, a copy of the check, confirmation of credit card or debit card payment, or confirmation of wire or automated clearinghouse transfer, and any other information required to demonstrate that payment has been made according to the EPA requirements, in the amount due, and identified with the appropriate docket number and Respondent’s name.

  • Payment Due Date means the date by which the Date of Payment must occur, in accordance with the provisions of Sections 504.3 through 504.5 of this Exhibit, in order for NYSERDA not to be liable for interest pursuant to Section 504.6.

  • Application for Final Payment means Contractor’s final invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted, amounts owing to adjustments to the final Contract Sum resulting from approved change orders, and release of remaining Contractor’s retainage.

  • Next Payment means, in respect of each Next Payment Date, the greater of (i) the amount of any payments due to be made by Party A under Section 2(a) on such Next Payment Date less any payments due to be made by Party B under Section 2(a) on such Next Payment Date (in each case, after giving effect to any applicable netting under Section 2(c)) and (ii) zero.

  • Supplemental Payment means any payments or transfers of things of value made to the District or to any person or persons in any form if such payment or transfer of thing of value being provided is in recognition of, anticipation of, or consideration for the Agreement and that is not authorized pursuant to Sections 313.027(f)(1) or (2) of the TEXAS TAX CODE, and specifically includes any payments required pursuant to Article VI of this Agreement.

  • Date of Payment means the date on which NYSERDA requisitions a check from its statutory fiscal agent, the Department of Taxation and Finance, to make a Payment.

  • Exercise Form means an Exercise Form in the form annexed hereto as Exhibit A.

  • Basic Rent Payment Date means Basic Rent Payment Date as defined in Paragraph 6.

  • Redemption Payment Date As defined in Section 13.1.

  • Coupon Amount means (i) in respect of a Coupon Payment, the amount of interest payable on a Security for the relevant Coupon Period in accordance with Condition 5 and (ii) for the purposes of Conditions 8(c) and 8(d), any interest accrued from (and including) the preceding Coupon Payment Date (or, if none, the Issue Date) to (but excluding) the due date for redemption if not a Coupon Payment Date as provided for in Condition 5(b);