Payment of Company Supplemental Cash Balance Benefits Sample Clauses

Payment of Company Supplemental Cash Balance Benefits. The Company Supplemental Cash Balance Benefits payable pursuant to Section 4.01 shall be payable in one of the forms allowed under the Cash Balance Plan (i.e., single lump sum, life annuity, or contingent 50% annuitant annuity) and upon Termination of Employment, a set time period after Termination of Employment, including upon becoming Disabled, a set age after Termination of Employment or death. In the event the Participant is still employed at the time he first becomes Disabled, his payment shall commence once there has been a Termination of Employment. In the event the Participant elects a specified age as the time of payment but there has not been a Termination of Employment as of that date, his payment shall commence once there has been a Termination of Employment. At the time of enrollment in the Plan, the Participant must elect the form of payment and the time of payment of Company Supplemental Cash Balance Benefit. If no election is made, the benefit will be payable in the form of a lump sum benefit at Termination of Employment. Notwithstanding Section 6.09, if the Participant elects to have the Company Supplemental Cash Balance Benefit payable at death, the Participant may specify the form of the distribution to be paid to his Beneficiary which may only be in a form available under the Cash Balance Plan and shall commence or be paid on the first day of the seventh whole month following the Participant's death. The Beneficiary may not change the form or time of the payment elected by the Participant. Notwithstanding the foregoing, distributions of the Company Supplemental Cash Balance Benefit shall commence no later than the April 1 following the end of the calendar year in which a Participant reaches age 70½, or, if later, upon the Participant's Termination of Employment. Accordingly, if a Participant elects death as the time of payment and the Participant survives the later of: (1) April 1 following the end of the calendar year in which the Participant attains age 70 ½, or (2) April 1 following the end of the calendar year in which the Participant has a Termination of Employment, the Participant's benefit shall be paid upon the later of those two events in the form of a lump sum benefit, unless the Participant timely elects a different form of benefit. The amount of the benefit shall be determined by the Plan's actuary utilizing the same actuarial factors and assumptions then used by the Cash Balance Plan.
Sample 1
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Related to Payment of Company Supplemental Cash Balance Benefits

  • Cash Balances The Equipment Growth Funds of which FSI is the sole general partner shall maintain aggregate unrestricted cash balances of $8,500,000.

  • Cash Balance At Closing, Purchaser shall pay to Seller the Purchase Price, less the Xxxxxxx Money, plus or minus the prorations described in this Agreement (such amount, as adjusted, being referred to as the “Cash Balance”). Purchaser shall pay the Cash Balance by federal funds wire transferred to an account designated by Seller in writing.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

  • Bank Accounts; Cash Balances (a) Each Party agrees to take, or cause the members of its Group to take, at the Effective Time (or such earlier time as the Parties may agree), all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by SpinCo or any other member of the SpinCo Group (collectively, the “SpinCo Accounts”) and all contracts or agreements governing each bank or brokerage account owned by Parent or any other member of the Parent Group (collectively, the “Parent Accounts”) so that each such SpinCo Account and Parent Account, if currently Linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “Linked”) to any Parent Account or SpinCo Account, respectively, is de-Linked from such Parent Account or SpinCo Account, respectively.

  • Group Benefits The Executive will participate in the Company's Group Benefit Plan and any other group perquisites all as in effect from time to time.

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

  • Defined Contribution Plan A plan under which Employee accounts are maintained for each Participant to which all contributions, forfeitures, investment income and gains or losses, and expenses are credited or deducted. A Participant’s benefit under such plan is based solely on the fair market value of his or her account balance.

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