Timely Election definition
Timely Election means the Executive has made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election shall have been made prior to the event which triggers distribution and at least two (2) years prior to the Executive's Benefit Eligibility Date. In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time.
Timely Election means the Director has made an election to change the form of his benefit payment(s) from the Retirement Income Trust Fund by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time. In the case of benefits payable from the Accrued Benefit Account, such election generally shall have been made prior to December 31, 2006 (i.e. the last day of the “Transition Period” for bringing plans into compliance with Code Section 409A). Unless the Transition Period is extended by the Internal Revenue Service, if the Director makes an election subsequent to December 31, 2006 with respect to distributions from the Accrued Benefit Account, then (i) such election may not take effect until at least twelve (12) months after the date on which the election is made, (ii) in the case of an election related to a payment other than due to disability or death, the first payment with respect to which such election is made must be deferred for a period of not less than five (5) years from the date such payment would otherwise have been made, and (iii) any election related to a distribution at a specified time or pursuant to a fixed schedule may not be made less than twelve (12) months prior to the date of the first scheduled payment.
Timely Election means the Executive has made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement), such election having been made prior to the event which triggers distribution and at least two (2) years prior to the Executive’s Benefit Eligibility Date. In the case of benefits payable from the Accrued Benefit Account, such election generally shall have been made prior to December 31, 2008 (i.e. the last day of the “Transition Period” for bringing plans into compliance with Code Section 409A). Notwithstanding any provision herein to the contrary, in the event that the Executive exercises his withdrawal rights pursuant to Section 2.2 herein, the Executive shall only be permitted to make subsequent changes to the time or form of distributions under Section 3.1, 4.1 or 5.1 by meeting each of the following requirements: In the case of benefits payable from the Accrued Benefit Account, such election generally shall have been made prior to December 31, 2008 (i.e. the last day of the “Transition Period” for bringing plans into compliance with Code Section 409A). Notwithstanding any provision herein to the contrary, in the event that the Executive exercises his withdrawal rights pursuant to Section 2.2 herein, the Executive shall only be permitted to make subsequent changes to the time or form of distributions under Section 3.1, 4.1 or 5.1 by meeting each of the following requirements:
(i) no election may take effect until at least 12 months after the date on which the election is made;
(ii) other than with respect to distributions made on account of death or disability, the first payment with respect to which such election is made shall be deferred for a period of at least five years from the date such payment would otherwise have been made; and
(iii) any such election must be made at least 12 months prior to the date of the first scheduled payment under such paragraph.
Examples of Timely Election in a sentence
If (i) after such termination, the Executive lives until attaining his Benefit Age, and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(1) shall be controlling with respect to retirement benefits.
If (i) after such termination, the Executive dies prior to attaining his Benefit Age, and (ii) the Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 5.1(a)(2) shall be controlling with respect to retirement benefits.
If (i) the Director dies while employed by the Bank, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 4.1(b) shall be controlling with respect to pre-retirement death benefits.
Notwithstanding the foregoing, unless the Director has made a Timely Election to receive a lump sum distribution with respect to the Accrued Benefit Account, distributions from the Accrued Benefit Account will be paid over the Payout Period commencing within thirty (30) days of the date the Administrator receives notice of the Director=s death.
Notwithstanding the foregoing, unless the Director has made a Timely Election to receive a lump sum distribution from the Accrued Benefit Account, distributions from the Accrued Benefit Account will be paid over the Payout Period, commencing within thirty (30) days of the Director’s Benefit Age.
More Definitions of Timely Election
Timely Election means the Executive has made an election to change the form of his benefit payment(s) from the Retirement Income Trust Fund by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement), such election having been made prior to the event which triggers distribution and at least two (2) years prior to the Executive's Benefit Eligibility Date. In the case of benefits payable from the Accrued Benefit Account, such election generally shall have been made prior to December 31, 2006 (i.e. the last day of the “Transition Period” for bringing plans into compliance with Code Section 409A). Notwithstanding any provision herein to the contrary, in the event that the Executive exercises his withdrawal rights pursuant to Section 2.2 herein, the Executive shall only be permitted to make subsequent changes to the time or form of distributions under Section 3.1, 4.1 or 5.1 by meeting each of the following requirements:
(i) no election may take effect until at least 12 months after the date on which the election is made;
(ii) other than with respect to distributions made on account of death or disability, the first payment with respect to which such election is made shall be deferred for a period of at least five years from the date such payment would otherwise have been made; and
(iii) any such election must be made at least 12 months prior to the date of the first scheduled payment under such paragraph.
Timely Election means the Participant has made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement), such election having been made prior to the event which triggers distribution and at least two (2) years prior to the Participant's Benefit Eligibility Date; provided however, that if all payments to the participant shall be made from the Retirement Income Trust Fund, then a Timely Election is an election made at any time.
Timely Election means the Executive has made an election to change the form of benefit payment(s) by filing with the Administrator a Notice of Election to Change the Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election:
(a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A and the regulations thereunder;
(b) must, for benefits distributable under Subsections 3.1(b) and 5.1(b\a)(1), be made at least twelve (12) months prior to the Executive’s Benefit Eligibility Date;
(c) must, for benefits distributable under Subsections 3.1(b) and 5.1(b)(1), delay the benefit payments for a minimum of five (5) years from the Executive’s Benefit Eligibility Date; and
(d) must take effect not less than twelve (12) months after the election is made. In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time.
Timely Election means the Director has made an election to change the form of his benefit payment(s) by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement). In the case of benefits payable from the Accrued Benefit Account, such election shall have been made prior to the event which triggers distribution and at least two (2) years prior to the Director’s Benefit Eligibility Date. In the case of benefits payable from the Retirement Income Trust Fund, such election may be made at any time.
Timely Election means the Director has made an election to receive the Early Retirement Benefit as stated in Subsection 3.2. Such Timely Election is required to be made in writing to the Bank at least the twelve (12) months prior to both (i) the event which triggers distribution and (ii) the Executive’s Benefit Eligibility Date existing at the time of such election.
Timely Election means the Director has made an election to change the form of benefit payment(s) by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement). Such change will not take effect until twelve (12) months following the date it is received by the Administrator. Distributions (except distributions due to death and Disability) must be delayed at least five (5) years from the date the distributions otherwise would have been made. Any election related to distribution at a specified time or pursuant to a fixed schedule must be made twelve (12) months prior to the date the distribution is scheduled to be paid.
Timely Election means the Executive has made an election to change the form of his benefit payment(s) from the Retirement Income Trust Fund by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of this Agreement), such election having been made prior to the event which triggers distribution and at least two (2) years prior to the Executive's Benefit Eligibility Date. In the case of benefits payable from the Accrued Benefit Account, such election generally shall have been made prior to December 31, 2006 (i.e. the last day of the “Transition Period” for bringing plans into compliance with Code Section 409A). Notwithstanding any provision herein to the contrary, in the event that the Executive exercises his withdrawal rights pursuant to Section 2.2 herein, the Executive shall only be permitted to make subsequent changes to the time or form of distributions under Section 3.1, 4.1 or 5.1 by meeting each of the following requirements:
(i) no election may take effect until at least 12 months after the date on which the election is made;