Lump Sum Benefit Clause Samples
A Lump Sum Benefit clause defines the payment of a single, fixed amount to a beneficiary or policyholder, typically upon the occurrence of a specified event such as death, disability, or retirement. This clause outlines the conditions under which the lump sum is paid, who is eligible to receive it, and any limitations or exclusions that may apply. By providing a one-time payment rather than ongoing installments, the clause offers immediate financial support and simplifies the claims process, ensuring clarity and certainty for both parties.
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Lump Sum Benefit. Kan shall receive a single, lump-sum distribution in the amount of TWO HUNDRED EIGHTY-SIX THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($286,500.00). The lump-sum payment to Kan under this Section 1(a) will be paid on or before September 1, 2008. The lump-sum payment under this provision will be subject to all applicable taxes and other withholdings.
Lump Sum Benefit. Notwithstanding Sections 2.1.2, 2.2.2, 2.3.2 or 2.5.2 above, upon a Termination of Employment after a Change in Control Event, the Executive may elect to receive a lump sum payment equal to the lump sum present value of the payments described in Sections 2.1.2, 2.2.2, 2.3.2 or 2.5.2 above, whichever is applicable, where such present value is to be determined using a discount rate equal to the applicable federal rate in effect on the date of the Change in Control Event for purposes of determining present value of payments subject to the non-deductibility and excise tax provisions of Section 280G and Section 4999 of the Code, respectively, and regulations thereunder.
Lump Sum Benefit. An employee who is eligible for IMRF retirement and who has been an employee in NSSD for 8 consecutive years shall be entitled to a one-time, lump sum payment of $1,500. An eligible employee who gives an irrevocable letter of resignation with notice of two months, will be paid the sum payment to be paid according to IMRF rules. To the extent eligible, the applicable benefits of this Article shall not be applicable to employees who leave the employment of the District for reasons other than retirement, such other reasons including, but not limited, to dismissal for cause.
Lump Sum Benefit. Notwithstanding anything to the contrary in the Plan, in the event that, under the terms of the Plan, the Enhanced SERP shall be payable in a lump sum, the amount of such lump sum shall be determined using a discount rate equal to 7%.
Lump Sum Benefit. The amount of the death benefit shall be equal to a multiple of fifty (50) of the Participant’s monthly Pension benefit as of the Participant’s Benefit Commencement Date subject to the maximum amount specified in Section 9.03 of the Plan.
Lump Sum Benefit. In the event that a lump sum election was made and is in effect, the computation of a single sum benefit shall be determined as provided in Section 2.1.
Lump Sum Benefit. An employee who is eligible for IMRF retirement and who has been an employee in NSSD for ten (10) consecutive years shall be entitled to a one-time, lump sum payment of $4,000.00. An eligible employee who gives an irrevocable letter of resignation with notice of two months, will be paid the sum payment no later than sixty (60) calendar days after the effective date of the resignation and such payment will not be considered creditable earnings under IMRF rules. To the extent eligible, the applicable benefits of this Article shall not be applicable to employees who leave the employment of the District for reasons other than retirement, such other reasons including, but not limited, to dismissal for cause.
Lump Sum Benefit. [--] The amount of the death benefit shall be equal to percent ( %) of the Participant’s annualized Average Monthly Compensation as of the end of the Plan Year immediately preceding the date of the Participant’s death.
Lump Sum Benefit. If a Participant whose Employment Termination Date is on or after November 11, 2005 dies before his or her SERP Benefit has been paid to him or to her, his or her SERP Benefit shall be paid to his or her Beneficiary in a lump sum on a date determined by the Committee in its discretion as soon as practicable (but in no event later than 90 days) after his or her date of death.
Lump Sum Benefit. The computation of a single sum benefit shall be determined as provided in Section 2.1.4.