SMALL AMOUNTS Sample Clauses
The "Small Amounts" clause defines a threshold below which certain payments, obligations, or actions are considered too minor to warrant enforcement or administrative action. Typically, this clause sets a minimum value, so that if the amount in question falls below this threshold, the parties are not required to pursue collection, reimbursement, or other formal processes. This helps avoid the inefficiency and cost of managing trivial sums, ensuring that resources are focused on more significant matters and reducing administrative burdens for both parties.
SMALL AMOUNTS. In the event the amount of any monthly payments provided herein shall be less than Twenty ($20) Dollars, the Company in its sole discretion may in lieu thereof pay the commuted value of such payments (calculated on the basis of the interest rate and mortality assumptions being used by The Northwestern Mutual Life Insurance Company of Milwaukee, Wisconsin, to calculate immediate annuity rates on the date of this Agreement) to the person entitled to such payments.
SMALL AMOUNTS. In the event the amount of any monthly payments provided herein shall be less than $100.00, the Company in its sole discretion may, in lieu thereof, pay the commuted value of such payments to the person entitled to receive such payments.
SMALL AMOUNTS. If the value of the Participant’s Vested Account does not exceed $5,000 or a lesser amount specified in Item Z(7)(a), if selected, the Participant’s entire Vested Account shall be distributed as of the earliest of his Retirement Date, the date he dies, or the date he has a Severance from Employment for any other reason (the date the Employer provides notice to the record keeper of the Plan of such event, if later); provided, however, if the Plan holds Qualifying Employer Securities that are not publicly traded, amounts invested in Qualifying Employer Securities may only be distributed subject to the Plan’s available liquidity. For purposes of this section, if Item Z(7)(b) is selected, Rollover Contributions shall be disregarded when determining the value of the Participant’s Vested Account. If the Participant’s Vested Account is zero, the Participant shall be deemed to have received a distribution of such Vested Account. This is a small amounts payment. If the vested benefit delay of the small vested account in Item Z(6) is selected, the Participant shall not be treated as having a Severance from Employment for any reason other than retirement or death before the period of time specified has elapsed or becoming Totally Disabled, if applicable, and no small amounts payment shall be made if he again becomes an Employee before such period of time has elapsed. In the event a Participant does not elect to have a small amounts payment paid directly to an Eligible Retirement Plan specified by the Participant in a Direct Rollover or to receive the distribution directly and his Vested Account is greater than $1,000, or a lesser amount specified in Item Z(7)(c), if selected, a Mandatory Distribution will be made in accordance with the provisions of Section 10.02. If his Vested Account is $1,000, or the amount specified in Item Z(7)(c), or less, the Participant’s entire Vested Account shall be paid directly to him. If a small amounts payment is made on or after the date the Participant dies, the small amounts payment shall be made to the Participant’s Beneficiary (spouse if the death benefit is payable to the spouse). If a small amounts payment is made while the Participant is living, the small amounts payment shall be made to the Participant. The small amounts payment is in full settlement of all benefits otherwise payable. No other small amounts payment shall be made.
SMALL AMOUNTS. If consent of the Member is not required for a benefit which is immediately distributable in Plan Section 6.03 or 6A.03, whichever applies, a Member's entire Vested Account shall be paid in a single sum as of the earliest of his Retirement Date, the date he dies, or the date he ceases to be an Employee for any other reason (the date we provide notice to the record keeper of the Plan of such event, if later). For purposes of this section, if the Member's Vested Account is zero, the Member shall be deemed to have received a distribution of such Vested Account. If a Member would have received a distribution under the first sentence of this paragraph but for the fact that the Member's consent was needed to distribute a benefit which is immediately distributable, and if at a later time consent would not be needed to distribute a benefit which is immediately distributable and such Member has not again become an Employee, such Vested Account shall be paid in a single sum. This is a small amounts payment. If Item Z(4)(b) is selected, the Member shall not be treated as ceasing to be an Employee for any reason other than retirement or death before the period of time specified has elapsed, and no small amounts payment shall be made if he again becomes an Employee before such period of time has elapsed. If a small amounts payment is made as of the date the Member dies, the small amounts payment shall be made to the Member's Beneficiary (spouse if the death benefit is payable to the spouse). If a small amounts payment is made while the Member is living, the small amounts payment shall be made to the Member. The small amounts payment is in full settlement of all benefits otherwise payable. No other small amounts payment shall be made.
SMALL AMOUNTS. For Plan Years beginning on or after August 6, 1997, if the value of a Participant's vested Account Balance, determined as of a date following the Participant's date of termination of employment with the Employer, is $5,000.00 or less, the Participant will receive an immediate cash-out of his vested Account Balance as soon as administratively feasible, and no further benefits will be payable from the Plan. For Plan Years beginning prior to August 6, 1997, the threshold amount is $3,500.00. If the value of a Participant's vested Account Balance exceeds the threshold amount, an immediate cash-out shall not be made unless the Participant, and if applicable, his spouse, or his Beneficiary consent to such distribution. For distributions before March 22, 1999, benefits shall not be distributed without the Participant's consent if the vested Account Balance exceeded the threshold amount at the time of any prior distribution. For purposes of this Section, a Participant's vested Account Balance includes benefits derived from both Employer and Employee contributions, including any rollover contributions, but excluding any accumulated deductible employee contributions (within the meaning of Code section 72(o)(5)(B)) for Plan Years beginning prior to January 1, 1989. A Participant's vested Account Balance shall also include the proceeds of any Life Insurance Policy, if any, on the Participant's life or the life of someone in whom the Participant has an insurable interest and the value of any outstanding loans originating from this Plan.
SMALL AMOUNTS. If a Participant receives a Target Award Opportunity equal to $0 for a Performance Period in which the Participant has an Award Bank Opening Balance and the Participant’s Award Bank Closing Balance is less than $5,000 for that Performance Period, the Committee, in its sole discretion, may approve payment to the Participant of the entire balance of the Award Bank in the form and time specified in this Section 6.2. To the extent that the balance in a Participant’s Award Bank is less than $50,000 at the time of the Participant’s Termination of Employment, other than as the result of Retirement or Disability, the Committee, in its sole discretion, may approve payment to the Participant of the entire balance of the Award Bank in the form and time specified in this Section 6.2.
SMALL AMOUNTS. If the Present Value of the Member's vested Accrued Benefit and the Member's Account has never exceeded $3,500, such Present Value and the entire Account shall be payable in a single sum as of the Member's Retirement Date or the date he ceases to be an Employee for any reason other than death.