Small Payments Clause Samples
The Small Payments clause establishes a threshold below which payments are considered minor and may be subject to simplified processing or alternative handling. Typically, this clause applies to situations where the administrative cost of collecting or disbursing very small amounts outweighs the value of the payment itself; for example, parties may agree not to pursue payments under a certain dollar amount or to aggregate such payments until they reach a specified minimum. Its core practical function is to reduce administrative burden and inefficiency by preventing the need to process trivial transactions that do not justify the associated effort or expense.
Small Payments. Notwithstanding the provisions of Section 4.1, in the event the amount to be paid to or on behalf of a Participant pursuant to Section 4.1 in settlement of the Award shall be less than $12,000, such amount shall be paid to the Participant or his beneficiary, as the case may be, in a single lump sum payment within 30 days following the Settlement Date.
Small Payments. Solely with respect to individuals who first became Participants on or after January 1, 2012, if, following the latest of the cessation of such Clergyperson's Active Parish Ministry, cessation of his/her Licensing, and attainment of age 65, the present value of the Clergyperson's nonforfeitable Accrued Benefit attributable to Plan Sponsor contributions is less than $20,000, his/her entire vested Accrued Benefit (including any portion attributable to Employee-Provided Benefits) shall be paid in a lump sum as soon as administratively feasible without the consent of the Clergyperson.
Small Payments. If at any time the present value of any benefit under the Plan that would be considered a "single plan" under Treasury Regulation Section 1.409A-1(c)(2) together with the present value of any benefit required to be aggregated with such benefit under Treasury Regulation Section 1.409A-1(c)(2), is less than the dollar limit set forth in Section 402(g)(1)(B) of the Code, the Corporation may, in its discretion, distribute such benefit (or benefits) to the Participant in the form of a single lump sum, provided that the payment results in the liquidation of the entirety of the Participant's interest under the "single plan," including all benefits required to be aggregated as part of the "single plan" under Treasury Regulation Section 1.409A-1(c)(2), and provided further the Corporation evidences its exercise of such discretion in writing no later than the date of such payment.
Small Payments. Notwithstanding the provisions of Section 3.1, in the event the amount to be paid to or on behalf of an Executive pursuant to Section 3.1 in settlement of the Award shall be less than $12,000, such amount shall be paid to the Executive or his beneficiary, as the case may be, in a single lump sum payment within thirty (30) days following the Settlement Date.
Small Payments. No payment of less than $1 may be made pursuant to this Title, except in the case of an overpayment of tax when a specific written request is made by the taxpayer. [ 1981, c. 364, §19 (NEW) .] SECTION HISTORY 1981, c. 364, §19 (NEW).