Retirement Distribution Sample Clauses

The Retirement Distribution clause outlines the procedures and conditions under which retirement benefits or funds are paid out to an individual upon reaching retirement age or meeting specific eligibility criteria. Typically, this clause details the timing, method, and form of distributions, such as lump-sum payments or periodic installments, and may specify any tax implications or required documentation. Its core practical function is to ensure that the process for accessing retirement funds is clear and predictable, thereby helping both the plan administrator and the retiree understand their rights and obligations and reducing the risk of disputes or confusion.
Retirement Distribution. (i) Type of election applies as (select one): A one-time election Class year – each year’s balance may have a different distribution election (ii) Alternative forms of distribution (select all that apply): Lump Sum Annual installments for any whole number of years up to 10 Other:____________________________
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Retirement Distribution. A Participant may receive a Retirement distribution in a lump sum or in payments of up to 60 quarterly installments (15 years) with the first installment to begin within ten (10) days of the first business day on or after January 1 in the calendar year following the Participant's date of Retirement and to be paid thereafter within ten (10) days of the first business day on or after January 1, April 1, July 1, and October 1 of each calendar year until the Account has been fully distributed.
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Retirement Distribution. Upon the Participant’s Retirement, his vested Retirement Benefit shall be distributed according to the terms of payment of this Plan and in the Participant’s Joinder Agreement.
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Retirement Distribution. Upon a Participant's Retirement from the Employer, his Account shall be distributed according to the method of payment elected in his applicable Deferral Election Form. If the Participant dies while receiving Retirement installment payments, his Designated Beneficiary shall continue to receive the remaining installments. If subsequently, the Designated Beneficiary dies, any remaining installments will be paid to the Designated Beneficiaries estate.
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Retirement Distribution. At the election of a Participant in the applicable Deferral Election Form, a Participant may receive a Retirement distribution in a lump sum or in payments of up to 40 quarterly installments (10 years) or 60 quarterly installments (15 years) with the first installment to begin within ten (10) days of the first business day on or after January 1 in the calendar year following the Participant's date of Retirement and to be paid thereafter within ten (10) days of the first business day on or after January 1, April 1, July 1, and October 1 of each calendar year until the Account has been fully distributed.
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Retirement Distribution. In connection with his commencement of participation in the Plan, a Participant shall elect on his initial Deferral Election Form to receive his Retirement distribution in either a lump sum or installments. The Participant may change his election to an allowable alternative payout form or period by submitting a new election to the Committee (on such form as the Committee shall require), provided that any such new election must be submitted to and accepted by the Committee, in its sole discretion, at least 13 months prior to the Participant's Retirement. Upon a Participant's Retirement from the Employer, his Account shall be distributed according to the method of payment elected. If the Participant dies while receiving Retirement installment payments, his Designated Beneficiary shall continue to receive the remaining installments. If subsequently the Designated Beneficiary dies, any remaining installments will be paid to the Designated Beneficiary's estate.
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Related to Retirement Distribution

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • 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.

  • Public Benefit It is ▇▇▇▇▇▇▇'s understanding that the commitments it has agreed to herein, and actions to be taken by Praeger under this Settlement Agreement confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of ▇▇▇▇▇▇▇ that to the extent any other private party serves a notice and/or initiates an action alleging a violation of Proposition 65 with respect to Praeger's alleged failure to provide a warning concerning actual or alleged exposure to cadmium prior to use of the Covered Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Covered Products addressed in this Settlement Agreement, provided that Praeger is in material compliance with this Settlement Agreement.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.