If the value of a Participants vested Account balance is in excess of $5,000, then his benefits shall not be paid prior to his Normal Retirement Date unless he elects an early payment date in a written election filed with the Committee.
Upon the Normal Retirement Date, the Bank shall distribute to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Article.
Unless otherwise provided in this Plan, a Participant's retirement benefits shall begin on a Participant's Normal Retirement Date if he has ceased to be an Employee on such date and has a Vested Account.
Notwithstanding the foregoing, failure of a Participant to consent to a distribution prior his Normal Retirement Date shall be deemed to be an election to defer commencement of payment of any benefit under this section.
Even if the Participant is an Employee on his Normal Retirement Date, he may choose to have his retirement benefit begin on such date.
More definitions of Normal Retirement Date
Normal Retirement Date means the sixty-fifth birthday of a member, unless otherwise provided in KRS 61.510 to 61.705;
Normal Retirement Date means the first day of the first month following a Participants 65th birthday, unless such birthday falls on the first of the month, in which case Normal Retirement Date means the Participants 65th birthday.