Post-2015 Accruals Sample Clauses

Post-2015 Accruals. This paragraph applies only to benefits accrued on or after January 1, 2016. An Employee shall make a payout election for each Plan Year as to when the Participant Deferrals and Company Deferrals accrued during that Plan Year will be distributed. The Participant’s payout election for one Plan Year must be made by June 30 of the prior Plan Year or by such earlier date established by the Committee, except that a new Participant shall have 30 days after becoming a Participant (or any shorter period specified by the Committee) to make his payout election for benefits accrued during his first Plan Year, and if he became a Participant after the deadline for making the payment election for the next Plan Year’s benefits, he shall have 30 days after becoming a Participant (or any shorter period specified by the Committee) to make his payout election for the benefits accrued during the next Plan Year. If a Participant does not make a payout election for a Plan Year, that Plan Year’s benefits will be paid out in a single payment on the first Payment Processing Date on or after the date six months after his Separation from Service, unless the Committee establishes a different default rule before June 30 of the prior Plan Year. A Participant may choose from among the following payout alternatives for the benefits accrued during a Plan Year. The benefits will be paid out in a single payment or in two to ten annual installments. The single payment or the first installment will be paid on the first Payment Processing Date that occurs six months or more after the Participant’s Separation from Service, with subsequent installments paid each 12 months thereafter.