Yearly or Quarterly Installment Method definition
Yearly or Quarterly Installment Method means a yearly (or quarterly) installment payment over the number of years (or quarters) selected by the Participant in accordance with the Plan, calculated as follows: the Deferral Account of the Participant shall be calculated as of the close of business on the date of reference (or, if the date of reference is not a business day, on the immediately following business day). The date of reference with respect to the first yearly (or quarterly) installment payment dates shall be as provided in Section 7.2 and the date of reference with respect to subsequent yearly (or quarterly) installment payment dates shall be the anniversary date or dates thereof in the applicable year. The yearly (or quarterly) installment shall be calculated by multiplying the portion of the Deferral Account not allocated to the Market Interest Option by a fraction, the numerator of which is one, and the denominator of which is the remaining number of yearly (or quarterly) payments due the Participant. The portion of an installment payment attributable to amounts allocated to the Market Interest Option shall be calculated in accordance with Section 7.2(c). By way of example, if the Participant elects 10 yearly (or 40 quarterly) installment payments, the first payment shall be one-tenth (1/10) (or one-fortieth (1/40)) of the Deferral Account, calculated as described in this definition. For the following payment, the payment shall be one-ninth (1/9) (or one thirty-ninth (1/39)) of the Deferral Account, calculated as described in this definition.
Yearly or Quarterly Installment Method means a yearly (or quarterly) installment payment over the number of years (or quarters) selected by the Participant in accordance with the Plan, determined by the following annuity methodology. The amount of the annual or quarterly installment payment shall be determined by the Administrative Record Keeper as an annuity at the beginning of the installment payout period elected by the Participant and shall be recalculated each year as of January 1. The yearly (or quarterly) installment shall be calculated based on the balance of the Participant’s Deferral Account as of the beginning of the installment payout period, assuming that the entire Deferral Account is invested at the Market Rate in effect at the time the calculation is made and assuming that the Market Rate will remain unchanged throughout the payout period. The amount of the yearly or (quarterly) installment payments shall be revised at the beginning of each calendar year by adjusting the principal amount used to determine the amount of the yearly (or quarterly) installment payments to reflect