Examples of Prior Plan Account Balance in a sentence
Further, a Participant who was a Participant in a Prior Plan may separately elect from the Optional Forms described in this Section 4.1(b), using the procedures described in Section 4.3 for his or her (i) entire Accrued Benefit, (ii) Prior Plan Benefit or AFS Minimum Benefit, (iii) Prior Plan Account Balance, or (iv) Net ING Benefit.
In the case of an AFS Transition Participant who is entitled to a minimum benefit under Section 3.1(e)(i) in lieu of his or her Final Average Pay Pension Formula described in Section 3.1(b) and that portion of his or her Cash Balance Pension Formula Accrued Benefit described in Section 3.1(c) attributable to his or her Prior Plan Account Balance, his or her AFS Minimum Benefit as described in Appendix 3.1(e).
Notwithstanding the foregoing, for the surviving Spouse or Domestic Partner of a Participant whose Prior Plan is the AFS Plan, this lump-sum option shall be limited to that portion of the Participant’s Prior Plan Account Balance that the Participant (had he or she survived) could have received as a lump sum (this is, it will not include that portion of his or her Prior Plan Account Balance that was not available for lump-sum payment under Appendix 4.1(b)).
No Participant will receive more than one annuity form of payment unless he or she has both a Final Average Pay Pension Formula Accrued Benefit and Cash Balance Pension Formula Accrued Benefit and he or she elects a different payment form for each, or he or she has a Prior Plan Benefit and elects an annuity form with respect to that Prior Plan Benefit or his or her Prior Plan Account Balance.
See Appendix 4.1(b) for provisions affecting a Participant’s entitlement to a limited lump-sum payment from his or her Prior Plan Account Balance attributable to the AFS Plan.
A Participant (other than with respect to his or her Prior Plan Account Balance attributable to the AFS Plan, if any) may elect to receive his or her Account Balance in a lump-sum payment or an available annuity form determined as of the first day of any calendar month after his or her Termination Date.
Notwithstanding the foregoing, for the surviving Spouse or Domestic Partner of a Participant whose Prior Plan is the AFS Plan, this lump-sum option shall be limited to that portion of the Participant’s Prior Plan Account Balance that the Participant (had he or she survived) could have received as a lump sum (this is, it will not include that portion of his or her Prior Plan Account Balance that was not available as a lump-sum distribution under Appendix 4.1(b)).
A Vested Participant (other than with respect to a Prior Plan Account Balance attributable to the AFS Plan) may elect to receive his or her Account Balance in a single lump-sum payment or in monthly annuity payments as of the Benefit Commencement Date described in Section 1.14(a), regardless of its value and his or her age on his or her Termination Date.
A Participant’s Cash Balance Pension Formula Accrued Benefit, including the portion thereof attributable to a Prior Plan Account Balance, shall be determined in accordance with Section 3.1(c).
Notwithstanding the above, the interest rate used to calculate the Interest Credit on the Prior Plan Account Balance attributable to the AFS Plan shall not be less than 1/12 of the annual rate specified in Appendix 3.1(b)(ii).