Examples of Non-Grandfathered Benefit in a sentence
If a Participant has terminated employment after attaining age 55, and the value of the Participant’s Non-Grandfathered Benefit does not exceed $100,000 at the time of such Termination of Employment, such benefit shall be paid in the form specified in Section 4.3(b)(i), regardless of any election to the contrary.
If a Participant has terminated employment before attaining age 55, the Participant’s Non-Grandfathered Benefit shall be paid in the form specified in Section 4.3(b)(i), regardless of any election to the contrary.
Notwithstanding anything herein to the contrary, with respect to amounts credited to a Participant’s Non-Grandfathered Benefit Account, a Participant shall not receive a payment under the Plan before the first day of the seventh month (but no later than sixty (60) days from such day) following the date of the Participant’s Separation from Service.
Notwithstanding the foregoing, during the 2007 calendar year, a Participant was permitted to elect to change the form of distribution with respect to amounts credited to his or her or her Non-Grandfathered Benefit Account so long as the change applied only to amounts that would not otherwise be payable in 2007 and the change did not cause an amount to be paid in 2007 that would not otherwise be payable in 2007.
Any Non-Grandfathered Benefit Distribution Election Form submitted to the Committee after such period will be considered a change to the Participant’s prior election, subject to the timing rules outlined in 3.03(b)(iii)(C), below.