In-Service Benefit definition

In-Service Benefit means the benefit set forth in Section 4.1.
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In-Service Benefit means a benefit elected by a Participant to be paid to the Participant during the Participant’s service to the Bank.
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In-Service Benefit means an in-service distribution elected by the Participant pursuant to paragraph (c)(2) of Article VII.
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Examples of In-Service Benefit in a sentence

  • If a Participant does not make any election with respect to the payment of the In-Service Benefit, then such benefit shall be payable in a lump sum.

  • However, in the event of an Unplanned In-Service Benefit of Section 5.7, a portion of such Account shall be forfeited in accordance with Section 5.7.

  • The Plan Year in which the distribution of an In-Service Benefit shall be made or commence must be no less than three (3) Plan Years following the end of the Plan Year to which the In-Service Benefit Election relates.

  • A Participant may elect to receive his Retirement Benefit as an Unplanned In-Service Benefit at any time by providing the Plan Committee with a written election to do so.

  • Subject to the Deduction Limitation, a Participant shall receive, as an In-Service Benefit, his or her In-Service Account Balance, at the date specified by the Participant in an Election Form.

  • A Participant may make a separate In-Service Benefit Election with respect to each Plan Year.

  • The Company shall furnish to the Participant the appropriate form for making an In-Service Benefit Election for a Plan Year.

  • Any Separation from Service Benefit or In-Service Benefit, or other benefit payable under Article IV.

  • A Participant shall not be required to make an In-Service Benefit Election for any Plan Year.

  • In the event the Participant chooses to receive an In-Service Benefit in installments over a period of four years, the first payment shall be equal to one-fourth of the specified percentage of the value of the applicable subaccount of the Account to be distributed as of the date of the commencement of the In-Service Benefit.