Payment of Benefit In The Event Participant Separates From Service Clause Samples

Payment of Benefit In The Event Participant Separates From Service. In the event of Participant’s Separation From Service for any reason other than following a Change in Control, then he shall receive the balance in his Deferred Compensation Account as of the date of his Separation From Service. The Deferred Compensation Account Balance shall be paid out as follows: payments shall be made monthly for a period of ten (10) years (120 months). Participant’s remaining Deferred Compensation Account Balance shall continue to be credited with interest at the Rate of Interest until all such one hundred and twenty (120) payments have been made. In addition, monthly payments shall be calculated to provide Participant with substantially equal monthly installments based on the Rate of Interest in effect when the initial payment is made, and readjusted annually to take into account any fluctuation in the Rate of Interest (as defined herein). Absent any delay imposed by Code Section 409A, (i.e. the 5 year delay for subsequent deferral elections, the 6 month delay for specified employees, etc.), payments shall commence or be made on the first day of the first month following the month in which Participant Separates From Service and shall continue thereafter for a period of one hundred and twenty (120) months.
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Payment of Benefit In The Event Participant Separates From Service. In the event of Participant’s Separation from Service for any reason, including his death, the Participant (or his Beneficiary in the case of his death), shall receive the balance in his Deferred Compensation Account as of the date of his Separation from Service. The Deferred Compensation Account Balance shall be paid to the Participant (or his Beneficiary in the case of his death) in accordance with the Distribution Election Form attached hereto.
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Related to Payment of Benefit In The Event Participant Separates From Service

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article: