Small Benefits. We shall make a payment equal to the sum of the Guaranteed Withdrawal Market Value and the net actuarial value of Our guarantee to the Participant B[or Eligible Spouse] under this Rider if:
Small Benefits. Notwithstanding any provision of this Plan to the contrary, in the event the actuarial equivalent (as deter- mined pursuant to Article IV, Section 16(d)) of a Participant's vested Normal, Early or Late Retirement Pension, a benefit payable pursuant to Article IV, Section 4(b), Disability Pension, or the spousal death benefit provided under Article IV, Section 9, whichever is applicable, is equal to or less than the Cash-Out Amount, the benefit shall automatically be paid in the form of a cash lump sum equal to such actuarial equivalent of such benefit. Such payment shall be made as soon as practicable. Such benefit and all Credited Hours and Qualified Years attributable to such benefit shall thereupon be disregarded for all purposes under this Plan.
Small Benefits. Notwithstanding any provision of this Plan to the contrary, in the event the value of the Participant’s Individual Account, determined in accordance with Article VI, Section 1 with respect to his Normal, Early, Late or Disability Retirement Date or death, whichever is applicable, is equal to or less than the Cash-Out Amount, the benefit shall automatically be paid in the form of a cash lump sum benefit equal to such balance of the Participant’s Individual Account. Such cash lump sum payment shall be made as 120 ADDED – Amendment LXXIV, December 11, 2008, effective January 1, 2009, Article VI, Section 3(e) is added. 121 AMENDED – Amendment XI, December 18, 1990, retroactively effective December 24, 1989. AMENDED – Amendment XVI, December 17, 1997, effective January 1, 1998. AMENDED – Amendment XXXI, August 23, 2000, effective October 17, 2000. 1993 Restated Trust Agreement (Inclusive of Amendments I through XCIX) soon as practicable following the applicable date. If the Participant receives a lump sum pursuant to this Section 4, the Participant may elect any form of benefit permitted under the Pension Plan with respect to his benefits under the Pension Plan.
Small Benefits. Effective July 1, 2012, if the annual retirement income payments at normal retirement date under the Retirement Agreement are less than four percent (4%) of the YMPE as at the Date of Determination, or if the Actuarial Equivalent of such retirement income payments does not exceed twenty percent (20%) of the YMPE as at the Date of Determination, the Pension Board Committee may direct, subject to Section 9.06, the payment of the Actuarial Equivalent in a lump sum to the recipient.
Small Benefits. Notwithstanding any other provision in the Plan to the contrary, if the Value of a Participant's nonforfeitable retirement income at his Termination of Employment, retirement or death prior to the commencement of payments is $3,500 (and, effective January 1, 1998, $5,000) or less, the Plan Administrator shall authorize a lump sum payment of such Value in lieu of all future payments. If the Value of a Participant's nonforfeitable retirement income at his Termination of Employment, retirement or death prior to commencement of payments is $0, the Participant or, if applicable, his Beneficiary, shall be deemed to have received a lump sum payment of the vested nonforfeitable retirement income. For purposes of this paragraph (G), Value means the actuarially equivalent value of the normal form of retirement income payable in the form of a lump sum. Prior to January 1, 2000, the value shall be based upon the PBGC immediate annuity interest rate in effect three (3) months prior to the Participant's Termination of Employment, retirement or death (or, if lesser, the interest rate which would be used as of the date of the distribution by the PBGC for purposes of determining the present value of a lump sum distribution on plan termination) and the UP-1984 Mortality Table. Effective January 1, 2000, except as otherwise provided in Table A, the value shall be calculated as of the date of distribution (I) using the GATT Applicable Mortality Table and the GATT Applicable Interest Rate, both as set forth in Table A. ================================================================================ 187 52 XXXXXX FEDERAL SAVINGS BANK
Small Benefits. 77 SECTION 3. AMOUNTS PAYABLE TO INCOMPETENTS, MINORS OR ESTATES........................................................... 78 SECTION 4. NON-ALIENATION OF AMOUNTS PAYABLE....................... 79
Small Benefits. Following a Retirant's termination of employment, the Fund shall pay a Retirant, who has not begun to receive his Retirement Allowance, a lump sum equal to the Equivalent Value of his regular Retirement Allowance if such lump sum does not exceed $3,500. Such lump sum shall be in lieu of the Retirement Allowance which otherwise would be payable. If the Equivalent Value of a Member's vested accrued benefit derived from Employer and Employee contributions exceeds (or at the time of any prior distribution exceeded) $3,500, and the accrued benefit is immediately distributable, the Member and the Member's Spouse (or where either the Member or the Spouse has died, the survivor) must consent to any distribution of such accrued benefit. The consent of the Member and the Member's Spouse shall be obtained in writing within the 90-day period ending on the annuity starting date. The annuity starting date is the first day of the first period for which an amount is paid as an annuity or any other form. The Fund shall notify the Member and the Member's Spouse of the right to defer any distribution until the Member's accrued benefit is no longer immediately distributable. Such notification shall include a general description of the material features, and an explanation of the relative values of, the optional forms of benefit available under the Fund in a manner that would satisfy the notice requirements of IRC Section 417 (a) (3), and shall be provided no less than 30 days and no more than 90 days prior to the annuity starting date. However, distribution may commence less than 30 days after the notice described in the preceding sentence is given, provided the distribution is one to which Sections 401 (a) (11) and 417 of the IRC do not apply, the Fund clearly informs the Member that the Member has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option), and the Member, after receiving the notice, affirmatively elects a distribution. Notwithstanding the foregoing, only the Member need consent to the commencement of a distribution in the form of a qualified joint and survivor annuity while the accrued benefit is immediately distributable. Neither the consent of the Member nor the Member's Spouse shall be required to the extent that a distribution is required to satisfy Section 401 (a)(9) or Section 415 of the IRC.
Small Benefits. In the event the total vested interest of a Participant is not greater than $1,000 (including rollovers and transfers) at the date of distribution of benefits, the entire vested interest of the Participant shall be distributed in a lump sum to the Participant (or to the Participant’s Spouse or other Beneficiary if the Participant has died), without regard to the remaining provisions of this Article XI and without regard to the provisions of Article XII, except the direct rollover provisions of Section 12.03 (a “mandatory distribution”). Such a mandatory distribution shall be made without the written consent of the Participant, or without the consent of the surviving Spouse or other Beneficiary if the Participant has died. Such distribution shall be made as soon as administratively feasible after receipt of the Participant’s election as to a direct rollover as provided in Section 12.03. In the event no election as to a direct rollover is received from the Participant by the end of the 30-day period following notice to the Participant of his right to elect a direct rollover, distribution shall be made as soon as administratively feasible thereafter in accordance with the default procedure under Section 12.03.
Small Benefits. 16 EXHIBIT A Actuarial Equivalence Factors EXHIBIT B Beneficiary Designations FORM I Beneficiary Designation FORM II Beneficiary Designation for 50% or 100% Joint and Survivor Annuity FORM III Beneficiary Designation for 10 Year Certain Life Annuity THE PENN TRAFFIC COMPANY SUPPLEMENTAL RETIREMENT PLAN FOR NON-EMPLOYEE EXECUTIVES ARTICLE I ESTABLISHMENT, PURPOSE AND EFFECTIVE DATE OF PLAN
Small Benefits. If any monthly benefit that shall be payable to any person under the Plan shall be less than $400, then, if the Committee shall so direct, the aggregate of the amounts which shall be payable to such person in any year shall be paid in quarterly, semiannual or annual installments. If the present value of the accrued benefit of any Executive whose Termination Date is prior to age 55 is less than $3,500, then the Committee may at any time direct that the actuarial equivalent of such benefits (determined using the assumptions under Section 7.10 hereof) shall be paid to his in a lump sum in lieu of any benefits to which he may be entitled under this Plan. THE PENN TRAFFIC COMPANY By: /s/ Xxxxxxx X. Xxxxx ------------------------------------ Xxxxxxx X. Xxxxx, Xx. Vice President and Assistant Secretary EXHIBIT A ACTUARIAL EQUIVALENCE FACTORS The interest rate, mortality table and other factors, if any, applicable for purposes of determining an Actuarial Equivalent benefit under Plan shall be determined in accordance with the applicable section of this Exhibit A as set forth below.
