Examples of Post-2004 Accruals in a sentence
Subject to Section 6(c) relating to payments to Specified Employees, payment of a Participant’s Post-2004 Accruals shall be made, on an actuarial equivalent basis, in a lump sum as of the first day of the month on or next following the Participant’s Separation from Service, or as soon as practicable hereafter but subject to Section 20.
After December 31, 2008, a Participant may elect to defer receipt of the Post-2004 Accruals by making an election (a “Deferral Election”) not less than 12 months before the Post-2004 Start Date.
Notwithstanding the foregoing, where a Participant dies and has not begun to receive Post-2004 Accruals, they shall be paid in a lump sum to the (1) Beneficiary, (2) current spouse (within the meaning of the Qualified Plan) if no Beneficiary has been designated or (3) estate, if there is no such spouse and no Beneficiary has been designated, of the Participant as soon as administratively feasible after such death using the assumptions applicable under the Qualified Plan.
Anything in the Plan to the contrary notwithstanding, with respect to Post-2004 Accruals, the Plan shall be interpreted and operated in compliance with the requirements, if any, of Section 409A (or any successor thereto) as in effect from time to time, including but not limited to applicable regulations of the U.S. Department of the Treasury or Internal Revenue Service including but not limited to Treas.
Notwithstanding the foregoing, no Post-2004 Accruals may be so distributed upon termination of the Plan in whole or in part except to the extent such acceleration of the time and form of payment is permitted under Section 409A of the Code and the regulations and guidance issued thereunder and, if not so permitted, such amounts shall only be paid as provided in Section 6.
Notwithstanding the provisions of Section 6(b), if a Participant is a Specified Employee at the time of his Separation from Service for reasons other than death and is to receive payment of his Post-2004 Accruals under this Section 6 before the date that is six months after the date of such Separation from Service, no payment of the Participant’s Post-2004 Accruals shall be made to or in respect of the Participant until the end of such six-month period (or until the Participant’s death, if earlier).
Absent an election by the Participant in accordance with (i), (ii) or (iii) above, all Post-2004 Accruals shall be paid in one lump sum as soon as administratively feasible following the Participant’s Benefit Distribution Date.
If the Company terminates the Qualified Plan with respect to participants therein, Pre-2005 Accruals will be payable to affected Employees in accordance with all of the terms and conditions applicable to such Employees’ benefits under the Qualified Plan in the event of its termination; with respect to Post-2004 Accruals, benefits shall be payable in a lump sum at the earliest time permitted and as otherwise provided by Treas.
If a Participant has begun to receive installments of his or her Post-2004 Accruals but dies before receiving the last installment, such Beneficiary, spouse, or estate shall be paid the present value of the remaining, unpaid payments as soon as administratively feasible following such death using the lump-sum interest rate under the Qualified Retirement Plan that was used pursuant to Section 4.3(a).