Key Points
- Benefits are paid after employment ends
- Account value is based on the most recent March 31 stock valuation
- Payments are typically made in cash
- Payment amount based on salary only, not bonuses.
- Lump sum or installment options (up to 5 years)
- Balances under $10,000 paid in one lump sum
- Larger balances may require written consent
- Distribution begins within 1–6 years after termination
- Rollover options available (IRA or qualified plan)
- Re-employment may delay payments
After leaving Bayview, your vested ESOP benefits will be distributed according to the plan’s rules and timeline. Your account is valued based on the fair market value of Bayview stock as of the most recent March 31 prior to distribution. Benefits are generally paid in cash, either as a lump sum or in installments, and may be rolled over into an IRA or qualified retirement plan. Payment amount is based on salary only, not bonuses. Distribution timing depends on factors such as age, years of participation, reason for termination, and account balance. Smaller balances may be paid automatically, while larger balances may require participant consent or follow required minimum distribution rules.