Optional Benefit Form Sample Clauses

The Optional Benefit Form clause establishes the process by which a party can elect to receive additional or alternative benefits under an agreement. Typically, this clause outlines the specific forms or documentation required to request such benefits, as well as any deadlines or conditions that must be met for the election to be valid. Its core practical function is to provide flexibility for parties to tailor their benefits according to their needs, while ensuring that the process for making such elections is clear and orderly.
Optional Benefit Form. Instead of the normal distribution form described in Section 6.05(2)(a), a Member may elect, on a properly submitted Enrollment Form, to receive (or begin to receive) his or her Section 409A Amounts in: (i) A lump sum within 60 days after the date that the Member Terminates; or (ii) A lump sum on the last day of the Plan Year during which the Member reaches age 65 (regardless of whether or not the Member has Terminated); or (iii) Annual installments of up to 20 years, as designated by the Member on his or her Enrollment Form, beginning within 60 days after the date that the Member Terminates. (iv) Annual installments of up to 20 years, as designated by the Member on his or her Enrollment Form, beginning on the last day of the Plan Year during which the Member reaches age 65 (regardless of whether or not the Member has Terminated). If a Member elects annual installments under this Section 6.01(2)(b), (I) the first distribution will equal the value of the Section 409A Amounts in the Member’s Account as of the most recent Valuation Date divided by the number of annual installments elected, and (II) each distribution thereafter will be made on the anniversary of the initial distribution date and will equal the balance of the Section 409A Amounts in the Member’s Account as of the most recent Valuation Date divided by the number of remaining annual installments.
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Optional Benefit Form. Instead of the normal distribution form described in Section 6.05(1)(a), a Member may elect to receive (or begin to receive) his or her Grandfathered Amounts: (i) In the form of a single lump sum. If this election is made effectively, the Grandfathered Amounts will be distributed within 60 days after the Valuation Date that coincides with or immediately follows the date the Member Terminated; or (ii) As described in Section 6.05(1)(a) but beginning as of the last day of the Plan Year during which the Member reaches age 65 (regardless of whether or not the Member has Terminated).
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Related to Optional Benefit Form

  • Optional Benefits Employees may enroll themselves and dependents in optional life insurance plans or other optional benefits at their own expense.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Additional Benefits During the term of this Agreement, the Employee shall be entitled to the following fringe benefits:

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.