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.
However, a Participant may postpone the termination of his employment with the Employer to a later date, in which event the participation of such Participant in the Plan, including the right to receive allocations pursuant to Section 4.4, shall continue until his Late Retirement Date.
A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply.
If a Participant dies before his Retirement Date, the Plan Administrator shall certify to the Insurer the Beneficiary designation on its records for the Participant.
More definitions of Retirement Date
Retirement Date means the earliest of the following: (a) the Participant's Separation from Service and attainment of age 65, or, if the Participant has completed 5 or more Years of Service at the time of his Separation from Service, attainment of age 60; or (b) the Participant's Separation from Service and the date on which the Participant becomes Disabled.