Common use of Alternative Forms of Payment Clause in Contracts

Alternative Forms of Payment. Subject to Section 2.4, the Executive may elect to receive his Normal Retirement Benefit payable under this Plan in an Actuarially Equivalent lump sum, provided he elects to do so upon his initial designation as a Participant or as otherwise permitted by Code Section 409A.

Appears in 2 contracts

Sources: Supplemental Executive Retirement Plan (Peoples Financial Services Corp.), Supplemental Executive Retirement Plan (Peoples Financial Services Corp.)