Normal Form of Payment definition

Normal Form of Payment means a monthly annuity payable for the Participant's lifetime, to be paid to the Participant, or, in the case of the Participant's death, his named beneficiary or estate.
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Normal Form of Payment means a monthly annuity payable in 180 installments, to be paid to the Participant, or, in the case of the Participant's death, his Beneficiary.
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Normal Form of Payment means a monthly benefit payable on the first day of each month beginning with a Participant's benefit commencement date and ending with the first day of the month of death.
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Examples of Normal Form of Payment in a sentence

  • A Participant who is eligible to receive a Restoration Plan Benefit hereunder shall receive payment of such benefit in the Normal Form of Payment unless the Participant, subject to Section 6.2(e) below, elects an optional form of distribution as described in Section 6.2(d) below or an annuity form of benefit otherwise available under the Retirement Plan.

  • With respect to a Participant whose Restoration Plan Benefit is determined using the cash balance formula under the Retirement Plan, the Normal Form of Payment shall be a single lump sum payment equal to the Participant’s Restoration Plan Benefit (at the time payment becomes due) determined in accordance with Section 4.1, expressed as an account balance benefit.

  • Unless such Traditional Participant elects a form of annuity set forth on Annex A attached hereto prior to the date his Early Retirement Benefit Commencement Date (as defined below), such Traditional Participant, if unmarried, shall receive a Single, Normal Form of Payment, or if married, a Married, Normal Form of Payment.

  • Unless such Traditional Participant elects a form of annuity set forth on Annex A attached hereto prior to the date of his Deferred Vested Benefit Commencement Date (as defined below), such Traditional Participant, if unmarried, shall receive a Single, Normal Form of Payment, or if married, a Married, Normal Form of Payment.

  • For a Participant whose benefit under the Retirement Plan is converted on or after January 1, 2013 from being calculated using the final average pay formula under the Retirement Plan to being calculated using the cash balance formula under the Retirement Plan, the Normal Form of Payment for the Participant’s entire Restoration Plan Benefit shall be as described in subparagraph (B) above.

  • Normal Form of Payment of Retirement Income Monthly benefit payable for life.

  • Participant shall become Vested in his Normal Retirement Benefit in accordance with Section 3.3. The Normal Retirement Benefit shall be payable over fifteen (15) years according to the Normal Form of Payment and shall be paid, at the Participant's election, on either the first regular payroll day (A) in the month following his retirement or (B) in January beginning with the first January after the Participant's retirement.

  • If the Participant dies before the commencement of the payment of benefits payable under Section 3.1, 3.2, 3.5, or 3.6, the Employer shall pay to the Participant's Beneficiary the Vested portion of the Participant's Normal Retirement Benefit under Section 3.1 earned up to immediately prior to Participant's death, payable in the Normal Form of Payment (or as then payable under Section 3.6) commencing on the first regular payroll day of the month following the date of the Participant's death.

  • Unless such Traditional Participant elects a form of annuity set forth on Annex A attached hereto prior to the date of his Normal Retirement Benefit Commencement Date (as defined below), such Traditional Participant, if unmarried, shall receive a life annuity with guaranteed payment for 24 months ("Single, Normal Form of Payment"), or if married, a 50% joint and survivor annuity ("Married, Normal Form of Payment").

  • Except as provided in Section 4.7 of the PERI Plan or Section 3.13 of the Plan, payment of a PERI Participant’s vested PERI Benefit will commence as soon as practicable, but not later than 90 days, following the later of (i) the PERI Participant’s Separation from Service or (ii) the PERI Participant’s attainment of age 60.Section 4.2. Normal Form of Payment.


More Definitions of Normal Form of Payment

Normal Form of Payment means monthly payments for the Payment Period.
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Normal Form of Payment means the payment to a Participant (or his or her beneficiaries) within thirty (30) days after a Termination of Service of 1/10th of the Shares allocated to such Participant's account in the Trust plus any other assets contained in such Participant's account in the Trust that are not Shares, with the remaining Shares being distributed in nine (9) equal or substantially-equal annual installments commencing one year after the date of the first distribution, with any other assets accumulated during each annual period being distributed on each annual payment date. The Normal Form of Payment shall not apply after a Change in Control.
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Normal Form of Payment means: (a) for an unmarried Participant, a single life annuity for the life of the Participant; and (b) for a married Participant, a Qualified Joint and Survivor Annuity.
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Related to Normal Form of Payment

  • Normal Form means a monthly annuity which is one twelfth of the amount of the member’s accrued benefit which is payable for the member’s life. If the member dies before the sum of the payments he or she receives equals his or her accumulated contributions on the annuity starting date, the named beneficiary shall receive in one lump sum the difference between the accumulated contributions at the annuity starting date and the total of the retirement income payments made to the member.

  • 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.

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

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

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Form of Note means the “Form of Note” attached hereto as Exhibit A.

  • 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.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

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

  • Payment Election means an election pursuant to Section 5.1.

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, nineteen hundred fifty (1,950) hours for seven and one-half (7-1/2) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

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

  • Payment Schedule ’ means a schedule which sets out—

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Guaranty of Payment means each Guaranty of Payment executed and delivered on or after the Closing Date in connection with this Agreement by the Guarantors of Payment, as the same may from time to time be amended, restated or otherwise modified.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

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

  • hourly rate of pay means an employee's weekly rate of pay divided by thirty-five (35).

  • weekly rate of pay means an employee’s annual rate of pay divided by 52.176.

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • 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.

  • Schedule of Benefits means the section of this policy which shows, among other things, the Eligibility Requirements, Eligibility Waiting Period, Elimination Period, Amount of Insurance, Minimum Benefit, and Maximum Benefit Period.

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Coordination of Benefits or “COB” means a provision establishing an order in which plans pay their claims, and permitting secondary plans to reduce their benefits so that the combined benefits of all plans do not exceed total allowable expenses.

  • Form of Agreement means the form of agreement contained in Part D of the RFP;

  • Basic Monthly Earnings means your monthly rate of earnings from the Sponsor in effect immediately prior to the date Disability or Partial Disability begins. However, such earnings will not include bonuses, commissions, overtime pay and extra compensation.