Normalization. The Participant’s Account balance determined under paragraph (a) is normalized into a single-sum benefit that is immediately and unconditionally payable to the Employee. A standard interest rate, and a straight life annuity factor that is based on the same or a different standard interest rate and on a standard mortality table, must be used in normalizing this benefit. In addition, no mortality may be assumed prior to the Employee’s testing age.
Appears in 2 contracts
Sources: 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc), 401(k) Non Standardized Prototype Adoption Agreement (Littelfuse Inc /De)