Normal Benefit Form means a Lump Sum payment equal to the Present Value, as of the time of payment, of the Annuity Benefit.
Normal Benefit Form means the normal form of benefit under the Plan, which shall be the Equivalent of a Participant's Vested Accrued Benefit, payable as a joint and survivor annuity based on the life expectancies of the Participant and the measuring life Beneficiary at the time payment of the benefit commences, consisting of monthly payments to the Participant commencing as of the first day of the calendar month coincident with or next following the Participant's benefit commencement date and ending with the payment for the calendar month in which the Participant dies, with the provision that, if the Participant dies and is survived by the Beneficiary, such Beneficiary shall receive monthly payments of, in the case of Executive Benefits, seventy-five percent or, in the case of Key Management Benefits, fifty percent, of the monthly payments that were being made prior to the Participant's death, commencing with the payment for the calendar month following the month in which the Participant died and ending with the payment for the calendar month in which the Beneficiary dies.
Normal Benefit Form means a Lump Sum payment.
Examples of Normal Benefit Form in a sentence
Optional Benefit FormsOptional Benefit Forms are available and equal to the Actuarial Equivalent of the Normal Benefit Form and may be in an amount more than or less than that provided by the Normal Benefit Form depending on the option selected.
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The benefit determined hereunder shall commence on Executive’s Normal Benefit Date and shall be payable in the Normal Benefit Form, unless Executive has made a timely election to receive installment payments, in which case, the Executive’s election shall control.
Optional Benefit FormsOptional Benefit Forms are available and equal to the Actuarial Equivalent of the Normal Benefit Form and may be in an amount more than or less than that provided by the Normal Benefit Formdepending on the option selected.
METHOD OF DISTRIBUTION (BASICS)Defined Benefit Plans (including Cash Balance Plans) and Money Purchase Pension Plans‐ The Normal Benefit Form for a living participant must be an IRC Section 401(a)(11) joint and (at least 50%) survivor annuity (IRC Section 417(b)) for married participants.
More Definitions of Normal Benefit Form
Normal Benefit Form means a monthly payment for a Legacy Plan Participant's remaining life, with a survivor benefit to the spouse of the Legacy Plan Participant to whom he was married on the Designated Benefit Commencement Date equal to 50% of the benefit amount payable during the Legacy Plan Participant's remaining life, commencing with the month in which benefits first become payable and terminating with the month in which the later of the Legacy Plan Participant's or the Legacy Plan Participant's eligible spouse's death occurs. If the Legacy Plan Participant is not married on the Designated Benefit Commencement Date, Normal Benefit Form shall mean a monthly payment for the Legacy Plan Participant's remaining life, with a minimum of 120 monthly payments guaranteed, commencing with the month in which benefits first become payable and terminating on the later of the month in which the Legacy Plan Participant's death occurs or the month in which the 120th monthly payment occurs.
Normal Benefit Form means the normal form of benefit under --------------------- the Plan, which shall be the Equivalent of a Participant's Vested Accrued
Normal Benefit Form means a Single Life ------------------- Annuity, starting at age 65.
Normal Benefit Form means the normal form of benefit under the Plan, which is a joint and 100 percent survivor annuity consisting of monthly payments to the Participant commencing at the time prescribed in Section 4.1 and ending with the payment for the calendar month in which the Participant dies, with the provision that, if the Participant dies survived by the Spouse to whom the Participant was married to at the time the Participant commenced participation in the Plan, such Spouse shall continue to receive the same monthly payments commencing with the payment for the calendar month following the month in which the Participant died, and ending with the payment for the calendar month in which that Spouse dies. An unmarried Participant’s Normal Benefit Form shall be a life annuity commencing at the time prescribed in Section 4.1 and ending with the payment for the calendar month in which the Participant dies.
Normal Benefit Form means the normal form of benefit under the ------------------- Plan, which is a monthly life annuity.
Normal Benefit Form means a monthly payment for a Vested Participant's remaining life, with a survivor benefit to the spouse of the Vested Participant to whom he was married on the Designated Benefit Commencement Date equal to 50% of the benefit amount payable during the Vested Participant's remaining life, commencing with the month in which benefits first become payable and terminating with the month in which the later of the Vested Participant's or the Vested Participant's eligible spouse's death occurs. If the Vested Participant is not married on the Designated Benefit Commencement Date, Normal Benefit Form shall mean a monthly payment for the Vested Participant's remaining life, with a minimum of 120 monthly payments guaranteed, commencing with the month in which benefits first become payable and terminating on the later of the month in which the Eligible Employee's death occurs or the month in which the 120th monthly payment occurs.
Normal Benefit Form means the normal form of benefit under the Plan, ------------------- which shall consist of monthly payments to the Participant commencing as of the first day of the calendar month coincident with or next following the Participant's Retirement and ending with the payment for the calendar month in which the Participant dies, with the provision that, if the Participant dies before having received one hundred eighty (180) monthly payments, the Participant's Beneficiary shall continue receiving such monthly payments until a total of one hundred eighty (180) monthly payments have been made to either the Participant or his or her Beneficiary.