Common use of Available Forms of Distribution Clause in Contracts

Available Forms of Distribution. (a) If pursuant to Section 8.3, the Plan is a Profit Sharing Plan exempt from the Automatic Annuity Rules of Section 8.2, the normal form of distribution shall be a lump sum distribution. Unless specified otherwise in the Adoption Agreement, in lieu of the lump sum distribution, a Participant or Beneficiary may elect to receive installment payments payable monthly, quarterly, semi-annually or annually. (b) If the Plan is subject to the Automatic Annuity Rules of Section 8.2, the normal form of distribution shall be the applicable form of Automatic Annuity under Section 8.2. In lieu of the Automatic Annuity, a Participant or Beneficiary may elect a lump sum distribution or such other available forms of distribution as are set forth below or as are specified in the Adoption Agreement. Any such election by a Participant must be accompanied by the written consent of his spouse (consistent with the requirements for a Qualified Election under Section 8.2). The available forms of distribution shall be: (i) a joint and 100% survivor annuity contract purchased from an insurance company selected by the Committee. (ii) a single life annuity contract purchased from an insurance company selected by the Committee. (iii) a single life annuity contract, with 10 years guaranteed, purchased from an insurance company selected by the Committee. (iv) installments payable monthly, quarterly, semi-annually or annually.