Normal Form of Payment definition

Normal Form of Payment means a monthly annuity payable in 180 installments, to be paid to the Participant, or, in the case of the Participant's death, his Beneficiary.
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Normal Form of Payment means a monthly annuity payable for the Participant's lifetime, to be paid to the Participant, or, in the case of the Participant's death, his named beneficiary or estate.
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Normal Form of Payment means the payment to a Participant (or his or her beneficiaries) within thirty (30) days after a Termination of Service of 1/10th of the Shares allocated to such Participant's account in the Trust plus any other assets contained in such Participant's account in the Trust that are not Shares, with the remaining Shares being distributed in nine (9) equal or substantially-equal annual installments commencing one year after the date of the first distribution, with any other assets accumulated during each annual period being distributed on each annual payment date. The Normal Form of Payment shall not apply after a Change in Control.
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Examples of Normal Form of Payment in a sentence

  • With respect to a Participant whose Restoration Plan Benefit is determined using the cash balance formula under the Retirement Plan, the Normal Form of Payment shall be a single lump sum payment equal to the Participant’s Restoration Plan Benefit (at the time payment becomes due) determined in accordance with Section 4.1, expressed as an account balance benefit.

  • A Participant who is eligible to receive a Restoration Plan Benefit hereunder shall receive payment of such benefit in the Normal Form of Payment unless the Participant, subject to Section 6.2(e) below, elects an optional form of distribution as described in Section 6.2(d) below or an annuity form of benefit otherwise available under the Retirement Plan.

  • In the event the special lump sum provision becomes available on an Annuity Starting Date which precedes a Normal Retirement Date, or if applicable an Early Retirement Date, then the Normal Form of Payment and Qualified Joint and Survivor Annuity shall be made applicable at the same time as the special lump sum provision depending on the Former Conshohocken Member's marital status on the Annuity Starting Date.

  • Forms of Pension Payment Normal Form of Payment: Your pension payments start when you retire and are paid for life.

  • In lieu of the Normal Form of Payment, a Former Conshohocken Member may elect to receive the Actuarial Equivalent value of benefits as described below subject to the spousal consent provisions of Plan Section 6.3. Notwithstanding the foregoing, only option (c) shall be available to Former Conshohocken Members who are Vested Members.

  • The Participant may revoke any election not to receive payment in the Normal Form of Payment at any time prior to commencement of payments from the Fund, and may make a new election at any time prior to the commencement of payments from the Fund.

  • For a Participant whose benefit under the Retirement Plan is converted on or after January 1, 2013 from being calculated using the final average pay formula under the Retirement Plan to being calculated using the cash balance formula under the Retirement Plan, the Normal Form of Payment for the Participant’s entire Restoration Plan Benefit shall be as described in subparagraph (B) above.

  • The Participant may elect during the Applicable Election Period not to receive the Normal Form of Payment or Qualified Preretirement Survivor Annuity by execution and delivery to the Plan Administrator of a form provided for that purpose by the Plan Administrator.


More Definitions of Normal Form of Payment

Normal Form of Payment means monthly payments for the Payment Period.
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Normal Form of Payment means a monthly benefit payable on the first day of each month beginning with a Participant's benefit commencement date and ending with the first day of the month of death.
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Normal Form of Payment means: (a) for an unmarried Participant, a single life annuity for the life of the Participant; and (b) for a married Participant, a Qualified Joint and Survivor Annuity.
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Related to Normal Form of Payment

  • Normal form means a monthly annuity which is one twelfth of the amount of the member’s accrued benefit which is payable for the member’s life. If the member dies before the sum of the payments he or she receives equals his or her accumulated contributions on the annuity starting date, the named beneficiary shall receive in one lump sum the difference between the accumulated contributions at the annuity starting date and the total of the retirement income payments made to the member.

  • Due Date of Payment means the date on which the amount payable by the DISCOM to the solar power developer hereunder for Delivered Energy, if any, supplied during a billing month becomes due for payment, which date shall be thirty (30) days from the meter reading date provided the bill is received by DISCOM within 5 working days from meter reading date, and in the case of any supplemental or other bill or claim, if any, the due date of payment shall be thirty (30) days from the date of the presentation of such bill or claim to the designated officer of DISCOM. If the last date of payment falls on a holiday, the next working date shall be considered as last date.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

  • Schedule of Payments means the schedule of payments disclosed on a Contract.