Single Sum Payment definition

Single Sum Payment means payment of a benefit or portion of a benefit in a single payment to a Retired Employee, or to the Spouse or other Beneficiary of an Employee, Deceased Employee or deceased Retired Employee. A Single Sum Payment shall be (i) the Actuarial Equivalent of the (or portion of the) Benefit Equalization Retirement Allowance payable in equal monthly payments during a twelve (12) month period for the life of the Retired Employee, and (ii) the Actuarial Equivalent of the (or portion of the) Benefit Equalization Survivor Allowance payable in equal monthly payments during a twelve (12) month period for the life of the Spouse of the Deceased Employee or deceased Retired Employee, in each case using the actuarial principles and assumptions set forth in Exhibit A to the Plan; provided, however, that a Single Sum Payment with respect to a Grandfathered Employee who is a Secular Trust Participant shall equal the greater of (i) the amount determined pursuant to the foregoing provisions of this ARTICLE I(hh) and (ii) the amount required to purchase a single life annuity (or, for purposes of Appendix 2, a Benefit Equalization Joint and Survivor Allowance) equal to the benefit otherwise identified under the Plan from a licensed commercial insurance company, as determined in the sole discretion of the Administrator.
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Single Sum Payment means (1) in the case of a Supplemental Retirement Allowance, the normal form of distribution to a Retired Participant who is eligible for a Full, Deferred or Early Retirement Allowance, which distribution shall be made in one payment to the Retired Participant (or his designated beneficiary) at the time set forth in Article II, D(2)(a) hereof and which is the Actuarial Equivalent of the Supplemental Retirement Allowance payable in equal monthly payments during a twelve (12) month period for the life of the Retired Participant and (2) the sole form of distribution of the Retired Participant's Supplemental Profit-Sharing Allowance.
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Single Sum Payment means (1) in the case of a Benefit Equalization Retirement Allowance, the normal form of distribution to a Retired Employee who is eligible for a Full, Deferred or Early Retirement Allowance, which distribution shall be made in one payment to the Retired Employee (or his Spouse or
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Examples of Single Sum Payment in a sentence

  • Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

  • Single Sum Payment: Instead of lifetime monthly income payments, the vested balance in your account will be paid in a single sum.

  • Single Sum Payment – Please distribute the full value of my interest in the decedent’s account(s) to me.

  • High-efficiency toilets (HETs) are designed to use significantly less water per flush than standard toilets.

  • Levin A, Stevens PE, Bilous RW, Coresh J, De Francisco ALM, De Jong PE, et al.

  • Unmarried ParticipantsI understand that if I am over normal retirement age or if my vested benefit is greater than $5,000, I can elect a Single Sum Payment or a Single Life Annuity.Married ParticipantsI understand that if I am over normal retirement age or if my vested benefit is greater than $5,000, the normal form of benefit is a Joint and 100% Survivor Annuity.

  • I understand that if my spouse has elected to receive a Single Sum Payment or Single Life Annuity, by approving this election I am waiving my spousal right to a Joint and Survivor Annuity from the Plan.

  • Single Sum Paymen.t TheParticipantmay elect to receive a single sum payment of the full present value of his vested Accrued Benefit in lieu of the form of benefit described in Section8.1, which is the Actuarial Equivaletnhtereof.

  • The Local Authority maximises all opportunities to work with the licensed trade to forge good partnership working and the promotion of responsible retailing of alcohol.

  • Participating providers and other health care professionals agree to maintain medical records in a current, detailed, organized, and comprehensive manner in accordance with customary medical practice, applicable laws and accreditation standards.


More Definitions of Single Sum Payment

Single Sum Payment means payment in a single sum in cash. Your benefit will be paid as soon as it can be processed. (Processing of benefit check will take 4 to 6 weeks.)
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Related to Single Sum Payment

  • 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).

  • Interim Payment has the meaning specified in Section 10.1.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • PRE-PAYMENT The Tenant shall: (check one) ☐ - Pre-Pay Rent in the amount of $ for the term starting on and ending on . The Pre-Payment of Rent shall be due upon the execution of this Agreement. ☐ - Not be required to Pre-Pay Rent.

  • Closing Payment has the meaning set forth in Section 2.2(a).

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Minimum Payment means the amount of minimum payment as stated in the Fee Schedule;

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Closing Date Payment has the meaning set forth in Section 2.04(a)(i).

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Co-payment means a relatively small amount of money paid by the insured person towards the cost of each day in a private hospital per episode of care, with Latrobe paying the rest of the cost.

  • Damage Payment means the dollar amount equal to the amount to be posted as Project Development Security pursuant to Section 8.4(a)(i) hereof.

  • Completion Payment means the payment for the 20% of the Charges for each Apprenticeship that under the ESFA Rules is only paid once an Apprentice takes their end point assessment, including as the case may be Apprenticeships funded by Transferred Levy Funds;

  • Net Earned Premium as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract and less dividends paid or accrued.

  • Minimum Payments $50 (with respect to all funds in the aggregate.) No payment pursuant to this Schedule is payable to a dealer, bank or other service provider for the first year with respect to sales of $1 million or more, at no load, in cases where A I M Distributors, Inc. has advanced the service fee to the dealer, bank or other service provider.

  • Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Termination Payment has the meaning set forth in Section 6.03.

  • Premium payment plan means a benefit plan whereby state and

  • Final Payment is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the Maturity Date, or (b) the acceleration of any Term Loan, or (c) the prepayment of a Term Loan pursuant to Section 2.2(c) or (d), equal to the original principal amount of such Term Loan multiplied by the Final Payment Percentage, payable to Lenders in accordance with their respective Pro Rata Shares.

  • Delta Payment means as it is described in this Agreement.

  • Closing Payment Amount will have the meaning set forth in Section 1.3(a).

  • Delayed contribution payment means an amount paid by an employee for purchase of current service. The amount shall be determined using the same formula in KRS 61.5525, and the payment shall not be picked up by the employer. A delayed contribution payment shall be deposited to the member's account and considered as accumulated contributions of the individual member. In determining payments under this subsection, the formula found in this subsection shall prevail over the one found in KRS 212.434;

  • Additional Payment is as defined in Section 6 of the Agreement.

  • Deferred Sales Charge Payment Dates means the dates specified for deferred sales fee installments under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.

  • Past Due Rent Payment is defined in Section 2.2(g).