Designated Form definition
Designated Form means, with respect to an Account, the form in which an Eligible Employee has elected for the Account to be distributed. The "Designated Form" must be either (i) a single lump sum payment or (ii) annual installments beginning on the Designated Benefit Commencement Date and continuing over the next following anniversaries of such date for a designated number of years, not to exceed a total of 15 annual installments. Each installment shall consist of a portion of the remaining Account, which shall be equal to (i) one divided by (ii) one
Designated Form means, with respect to an Account, the form in which a Participant has elected for the Account to be distributed. The "Designated Form" must be either (i) a single lump sum payment or (ii) annual installments beginning on the Designated Benefit Commencement Date and continuing over the next following anniversaries of such date for a number of years elected by the Participant, not to exceed a total of 10 annual installments. Each installment shall consist of a portion of the remaining vested Account, which shall be equal to (x) one divided by (y) one plus the number of installments remaining after the installment for which the calculation is being made. If a Participant fails to elect the Designated Form for an Account, the Designated Form for such Account shall be a single lump sum payment. Notwithstanding any provision in this subsection to the contrary, if a Participant elects a Change of Control as the Designated Benefit Commencement Date, the Designated Form shall be a single lump sum payment.