an amount of money that is paid in one payment as opposed to a structured settlement which is paid out over a period of time in several payments
A lump sum cash payment is a single- or double-payment merit award used to recognize a high level of performance by individuals with base salaries significantly above the market value.
1. Payment other than salary or wages made when the member leaves work. Includes payoffs of accrued vacation and sick leave and any other special payments made when a member leaves employment. 2. A one-time benefit payment to the member. 3. A single payment to purchase the full cost of credited service.