Lump Sum Benefit Payment Option Clause Samples
The Lump Sum Benefit Payment Option clause allows a beneficiary or policyholder to receive the entire benefit amount as a single payment rather than in periodic installments. In practice, this means that upon a qualifying event, such as retirement or a claim under an insurance policy, the recipient can opt to take the full value of the benefit at once, instead of receiving monthly or annual payments over time. This clause provides flexibility and immediate access to funds, which can be useful for large expenses or investments, and addresses the need for liquidity or simplified benefit management.
Lump Sum Benefit Payment Option. The Company may, at its sole option and discretion, amend the Retirement Plan to provide a lump sum benefit payment option to Participants represented by CWA Local 6171, effective as of the date specified in the Retirement Plan. Participants represented by Local 6171, who elect to receive their Accrued Benefit in the form of a lump sum must make their election within the timeframe and pursuant to the procedures established by the Plan Administrator for the Retirement Plan. Any lump sum benefit payment option will be based on the present value of the Participant’s single life annuity benefit and calculated and paid solely as provided in the Retirement Plan and subject to the terms of the Retirement Plan. This Section is not, and is not intended to be, an amendment of the Retirement Plan which can only be amended by authorized persons designated by the Retirement Plan terms. Notwithstanding any provision to the contrary, the decision to amend the Retirement Plan to provide a lump sum benefit payment option is within Company’s sole and complete discretion. If the Company, however, amends the Retirement Plan to provide a lump sum benefit payment option, the Company may, subject only to the Retirement Plan’s terms and applicable law, eliminate the lump sum benefit payment option on a prospective basis, even prior to the termination of this Section. This Section shall terminate when the Agreement between the Company and the Bargaining Unit terminates. Thus, the Company may, unless contrary terms of the Retirement Plan, the requirements of applicable law or a subsequent agreement between the Company and the Union, amend the Retirement Plan to terminate this lump sum benefit option upon the expiration of this Labor Agreement. The continued application of this Section to any Participant and to any Accrued Benefit of any such Participant, regardless when accrued, shall be subject to collective bargaining and applicable law. The operation and administration of the Retirement Plan, the calculation of benefits, eligibility requirements, all terms and conditions related thereto and the resolution of any disputes involving the terms, conditions, interpretation, and administration of the Retirement Plan shall rest with the Company and its delegates, shall be determined only under the terms of the Plan, shall not be determined under the terms of this Agreement, and shall not be subject to the grievance or arbitration procedure set forth in this Agreement.
Lump Sum Benefit Payment Option. The Company may, at its sole option and discretion, amend the Retirement Pension Plan to provide a lump sum benefit payment option to Members represented by CWA 2204, effective as of the date specified in the Retirement Pension Plan. Members represented by CWA 2204 who elect to receive their Retirement Allowance in the form of a lump sum must make their election within the timeframe and pursuant to the procedures established by the Plan Administrator for the Retirement Pension Plan. Any lump sum benefit payment option will be based on the present value of the Member’s single life annuity benefit and calculated and paid solely as provided in the Retirement Pension Plan and subject to the terms of the Retirement Pension Plan. This Section is not, and is not intended to be, an amendment of the Retirement Pension Plan which can only be amended by authorized persons designated by the Retirement Pension Plan terms.
Lump Sum Benefit Payment Option. The Company may, at its sole option and discretion, amend the Retirement Plan to provide a lump sum benefit payment option to Participants represented by CWA Local 6171, effective as of the date specified in the Retirement Plan. R Participants represented by Local 6171, who elect to receive their Accrued Benefit in the form of a lump sum must make