Payment Form and Medium Clause Samples
The Payment Form and Medium clause defines the acceptable methods and instruments for making payments under a contract. It specifies whether payments should be made via cash, check, wire transfer, or other means, and may outline requirements such as currency, timing, or designated accounts. By clearly establishing how payments must be made, this clause helps prevent disputes and ensures both parties understand and agree on the mechanics of financial transactions.
Payment Form and Medium. The form of payment for an in-service withdrawal shall be a single lump sum and payment shall be made in cash. With regard to the portion of an in-service withdrawal representing an Eligible Rollover Distribution, a Participant may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) a single lump sum,
(b) a portion paid in a lump sum, and the remainder paid later, or
(c) periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary. Distributions shall be made in cash, except to the extent a distribution consists of a loan call as described in Section 9. Alternatively, a Participant may elect that a lump sum payment be made in the form of whole shares of Company Stock and cash in lieu of fractional shares to the extent invested in the Company Stock Fund. With regard to the portion of a distribution representing an Eligible Rollover Distribution, a Distributee may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) a single lump sum;
(b) a portion paid in a lump sum, and the remainder paid later (partial payment); or
(c) periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary. Distributions shall be made in cash, except to the extent a distribution consists of a loan call as described in Section 9. With regard to the portion of a distribution representing an Eligible Rollover Distribution, a Distributee may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. The form of payment for an in-service withdrawal shall be a single lump-sum payment. A hardship in-service withdrawal by a Participant under age 591⁄2 is not an Eligible Rollover Distribution and the Participant may not elect a Direct Rollover. An in-service withdrawal from a Rollover Account or by a Participant age 591⁄2 or older is an Eligible Rollover Distribution, and the Participant may elect a Direct Rollover for the Eligible Rollover Distribution portion of his or her in-service withdrawal.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) A single lump sum, or
(b) Periodic installments over a period not to exceed the lesser of fifteen (15) years or the number of years determined in accordance with Section 11.9, or
(c) A partial lump sum, or
(d) A combination of the above. The payment forms set forth in this Section 11.3 shall also apply to death benefit payments to a surviving spouse Beneficiary or a nonspouse Beneficiary, except that (i) periodic installment payments to a surviving spouse Beneficiary must be paid over a period not to exceed the life expectancy of the surviving spouse Beneficiary and begin by not later than the Participant’s Required Beginning Date as defined in Plan Section 1.51 and (ii) periodic installment payments to a nonspouse Beneficiary must be paid over a period not to exceed the lesser of the life expectancy of the nonspouse Beneficiary or fifteen (15) years and begin by the date specified in Plan Section 11.9(b)(ii)(B).
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) a single lump sum;
(b) a portion paid in a lump sum, and the remainder paid later (partial payment); or
(c) periodic installments over a period not to exceed the life expectancy of the Participant and his on her Beneficiary. Distributions shall be made in cash, except to the extent a distribution consists of a loan call as described in Section 9. Alternatively, a Participant may elect that a distribution in the form of a lump sum payment be made in the form of whole shares of Company Stock and cash in lieu of fractional shares (to the extent the distribution consists of amounts from the Company Stock Fund). With regard to the portion of a distribution representing an Eligible Rollover Distribution, a Distributee may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) a single lump sum;
(b) a portion paid in a lump sum, and the remainder paid later; or
(c) periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms:
(a) a single lump sum;
(b) a partial payment, limited to four per Plan Year;
(c) quarterly periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary; or
(d) with regard to Restricted Amounts, in accordance with procedures established by the Administrator and the Trustee, such forms (other than an annuity) as are permitted under the Rehab Plan. Distributions shall be made in cash, except to the extent a distribution consists of a loan call as described in Section 9. Alternatively, a Participant may elect that a distribution be made in the form of whole shares of Company Stock and cash in lieu of fractional shares to the extent the distribution consists of amounts from the Company Stock Fund. With regard to the portion of a distribution representing an Eligible Rollover Distribution, a Distributee may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. A Participant may elect to be paid in any of these forms, except that the form described in (d) is only available for a Participant who entered the Plan prior to April 1, 1994:
(a) a single lump sum, or
(b) a portion paid in a lump sum, and the remainder paid later, or
(c) periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary, or
(d) for a single Participant, a single life annuity and for a married Participant, a single life annuity or a joint and 50% survivor annuity with the Participant's spouse as the joint annuitant. Any annuity option permitted will be provided through the purchase of a non-transferable single premium contract from an insurance company which must conform to the terms of the Plan and which will be distributed to the Participant or Beneficiary in complete satisfaction of the benefit due. Distributions other than annuity contracts shall generally be made in cash. With regard to the portion of a distribution representing an Eligible Rollover Distribution, a Distributee may elect a Direct Rollover for all or a portion of such amount.
Payment Form and Medium. Except to the extent otherwise provided by Section 11.5, a Participant may elect to be paid in any of these forms:
(a) a single sum,
(b) periodic installments over a period not to exceed the life expectancy of the Participant and his or her Beneficiary,
(c) a single life annuity or a joint and 50% or 100% survivor annuity, or
(d) a single life annuity with a 5-, 10- or 15-year term certain. A Participant who elects payment of his or her benefit in the form of periodic installments may make a separate election for his or her initial installment. The Participant may elect that his or her initial installment be (i) a specified dollar amount paid in cash plus whole shares of Company Stock and cash in lieu of fractional shares representing the balance of his or her investment in the Company Stock Fund or (ii) whole shares of Company Stock and cash in lieu of fractional shares representing the balance of his or her investment in the Company Stock Fund. A Participant who commences payment of his or her benefit in the form of periodic installments may (i) change the payment frequency and/or amount (other than to zero) of his or her periodic installment at any time, and without restriction as to the number of such changes that may be made, or (ii) change the amount of his or her periodic installment to zero concurrent with an election to be paid the