Small Account Defined Sample Clauses
Small Account Defined. A small account is an account with a vested balance that does not exceed $3,500. In applying the $3,500 rule, all accounts or portions of accounts from which the claimant is entitled to payment are added together except for accounts attributable to qualified voluntary employee contributions. If the present value of a participant's account balance is zero, such participant shall be deemed to have received a distribution of such vested account balance. Except as otherwise provided in the adoption agreement, a small account will be distributed as soon as practicable following termination of employment or retirement in the form of a single sum payment.
Small Account Defined. A small account is an account with a vested balance that does not exceed $5,000 (or any other amount provided in Section 203(e) of ERISA). In applying the $5,000 rule, all accounts or portions of accounts from which the Participant is entitled to receive payments will be added together. If a Participant’s vested account balance is zero, such Participant will be deemed to have received a distribution of such vested account balance. A small account will be distributed as soon as practicable after termination of employment, Disability or retirement in the form of a single lump sum payment.