PAYMENT AND FORM OF BENEFITS Sample Clauses

PAYMENT AND FORM OF BENEFITS. The Plan is designed to provide you with benefits at the time of your retirement. However, if your employment with your Employer is terminated because of death, disability, retirement, or for any other reason, then you may request a distribution of your vested Account balance upon proper written direction delivered to the Plan Administrator. You should contact the Plan Administrator to obtain the appropriate form to request a distribution and a copy of the 'Special Tax Notice Regarding Plan Payments'. Even if your employment with the Employer has not terminated, the Plan Administrator will direct the Trustee to begin distributions to you no later than April 1 of the calendar year after you attain the age of 70-1/2. The Plan Administrator will direct the Trustee to make a lump sum distribution to you if you terminate your employment and your vested Account balance is less than $5,000 regardless of whether you request the distribution. Your written consent and your spouse's written consent will be required for any distribution before age 65 if your vested Account balance is greater than $5,000. Properly authorized distribution requests will be processed by the Trustee on a monthly basis. The following forms of benefits are available under the Plan: - LUMP SUM DISTRIBUTIONS Your entire vested Account balance will be paid to you within one calendar year. If your vested Account balance is greater than $5,000 and you are a married Participant, spousal consent for a lump sum distribution will be required on the Payout Request Form. The consent must be witnessed by a Plan representative or a Notary Public. - INSTALLMENT DISTRIBUTIONS Your vested Account balance will be paid to you in periodic payments if your Account balance is greater than $5,000. If you are a married Participant, spousal consent for an installment distribution will be required on the Payout Request Form and must be witnessed by a Plan representative or a Notary Public. - PURCHASE OF AN ANNUITY -------------------------------------------------------------------------------- Marine Transport Lines, Inc. Salaried Employees Retirement Income Plan 12 119 The normal form of payment under this Plan is an annuity. This means that your vested Account balance as of your annuity starting date will be used to purchase a life annuity contract from an insurance company if you are single, or a qualified joint and survivor annuity if you are married. (The annuity starting date is the date that is ninety days pr...
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Related to PAYMENT AND FORM OF BENEFITS

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Description of Benefits The benefits available under this Plan will be as defined in Item F(2) of the Adoption Agreement.

  • Schedule of Benefits A. Hospital Care

  • Extension of Benefits Upon termination of insurance, whether due to termination of eligibility, or termination of the Contract, an extension of benefits shall be provided for a period of no less than 30 days for completion of a dental procedure that was started before Your coverage ended.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Summary of Benefits Benefit Maximum Benefit Payable Medical Emergency Insurance $2,000,000 per Insured Person per Covered Trip.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Continuation of Benefits Following the termination of Executive’s employment hereunder, the Executive shall have the right to continue in the Company’s group health insurance plan or other Company benefit program as may be required by COBRA or any other federal or state law or regulation.

  • Maintenance of Benefits With respect to negotiable wages, hours and working conditions not covered by this Agreement, the State agrees to make no changes without appropriate prior consultation and negotiations with the Association unless such change is made to comply with law, and existing regulations, Personnel Rules, written Policies and Procedures, General Orders, General Operating Procedure, or Standard Operating Procedure.

  • Duplication of Benefits Grantee shall not carry out any of the activities under this Agreement in a manner that results in a prohibited duplication of benefits as defined by Section 312 of the Xxxxxx X. Xxxxxxxx Disaster Relief and Emergency Assistance Act (42 U.S.C. 5155) and in accordance with Section 1210 of the Disaster Recovery Reform Act of 2018 (division D of Public Law 115-254; 132 Stat. 3442), which amended section 312 of the Xxxxxx X. Xxxxxxxx Disaster Relief and Emergency Assistance Act (42 U.S.C. 5155). In consideration of Grantee’s receipt or the commitment of CRF funds by Florida Housing, Grantee hereby assigns to Florida Housing all of Grantee’s future rights to reimbursement and all payments received from any grant, subsidized loan or any other reimbursement or relief program related to the basis of the calculation of the portion of the funds committed to the Grantee under this Agreement and determined to be a Duplication of Benefits (DOB). Any such funds received by the Grantee shall be referred to herein as “additional funds.” Grantee agrees to immediately notify Florida Housing of the source and receipt of additional funds received by the Grantee that are determined to be a DOB. Grantee agrees to reimburse Florida Housing for any additional funds received by Grantee if such additional funds are determined to be a DOB by Florida Housing, the Federal awarding agency or an auditing agency.

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