Alternative payout option. If (i) the Executive is employed with the Bank until reaching Benefit Age and (ii) the Executive has made a Timely Election to receive a lump sum benefit, this Subsection 3.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the date of Termination of Employment, shall be paid to the Executive in a lump sum within thirty (30) days following Benefit Eligibility Date.
Appears in 3 contracts
Sources: Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (United Community Bancorp)