Examples of Accrual Balance in a sentence
Upon the death of the Executive while actively employed by the Employer, the Beneficiary will be entitled to a single sum payment, payable within thirty (30) days of the date of death (with the Beneficiary having no right to designate the taxable year of the payment) equal to the Accrual Balance.
The Early Retirement Benefit will equal the Accrual Balance, payable in an Actuarially Equivalent single life annuity in an amount determined pursuant to the Rider, payable in monthly installments for the life of the Executive commencing on the first (1st) day of the month following the date of the Executive’s Separation from Service.
The Normal Retirement Benefit will equal the Accrual Balance, payable in an Actuarially Equivalent single life annuity in an amount determined pursuant to the Rider, payable in equal monthly installments for the life of the Executive commencing on the first (1st) day of the month following the date of the Executive’s Separation from Service.
The benefit under this Section 2.2 is the Early Termination Lump Sum set forth on Schedule A for the Plan Year ending immediately prior to Termination of Service, determined by vesting the Director in the Accrual Balance for the Plan Year ending immediately prior to Termination of Service.
Accordingly, if the Bank fails for a period of 30 days or more to honor the payment obligation set forth in section 2.4, the Director shall immediately be entitled to liquidated damages equal to 1.5 times the Accrual Balance due to the Director under section 2.4. This provision shall not be applicable if nonpayment is the result of prohibition of payment by statute, regulation, or order of a banking regulatory agency.