Single Sum definition

Single Sum means the amount determined pursuant to Section 4 below using the Applicable Mortality Table as defined in Section 417(e) of the Code (or any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section) as of the first day of the plan year in which the Single Sum is calculated, and an interest rate equal to the discount rate disclosed in the Company's financial statements for computing the Plan's pension benefit obligation as of the end of the fiscal year ending prior to the plan year in which the Single Sum is calculated (or such other assumptions and rates as the Company may establish in accordance with section 409A of the Code).
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Examples of Single Sum in a sentence

  • In lieu of receiving the Monthly Retirement Benefits as an Annuity, the Employee may elect to receive benefits under this Agreement as a single sum payment ("Single Sum Settlement") in an amount that is actuarially equivalent to the Annuity payments that would have been received absent his election to receive a Single Sum Settlement.

  • In that regard, upon any termination of the Plan the amount of any payment to a Participant (or beneficiary of a deceased Participant) who is receiving annual installments pursuant to paragraph 5(g) shall be the Single Sum Value of the Participant's Account determined as of the selected determination date.

  • Supplemental Retirement Benefits" means benefits payable by the Employer to the Employee pursuant to this Agreement in the form of an Annuity, or as a Single Sum Settlement.

  • If the Employee wishes receive a Single Sum Settlement in lieu of Annuity payments, the Employee must make an election in writing on a form provided by the Employer, and deliver the signed election to the Employer prior to (or coincident with) the execution of this Agreement.

  • The actuarial equivalence of the Single Sum Settlement shall be determined using the Pension Benefit Guaranty Corporation (PBGC) Rate in effect for immediate annuities at the time the benefit payments are to commence.