Common use of Commencement of Benefits Clause in Contracts

Commencement of Benefits. (a) Any Participant who terminates employment with the Employer for any reason (including Total and Permanent Disability as defined in Section 1.61 of the Plan) shall be entitled to receive the value of the vested portion of his Accounts (determined as of the Valuation Date coincident with or immediately subsequent to his termination with employment) as soon as administratively feasible after the date of his termination of employment. If the value of the Employee's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is greater than (or at the time of any prior distribution was greater than) $3,500, then no such amount shall be distributed prior to Normal Retirement Age (or age sixty-two (62), if later) unless the Participant consents to the distribution. If the Plan is subject to the Automatic Annuity rules of Section 8.2, then the consent of the Participant's spouse shall also be required to a distribution in any form other than a Qualified Joint and Survivor Annuity (as defined in Section 8.2). In the case of the Dreyfus Easy Retirement Plans (Plan Numbers 01005, and 01006), Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their Accounts. With respect to the Dreyfus standardized and non- standardized prototype profit-sharing plans (Plan Numbers 01002 and 01003) if permitted under the Adoption Agreement, Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their Accounts. The Committee shall provide the Participant with a written explanation of the material features and relative values of the optional forms of benefit available under the Plan. Such notice shall also notify the Participant of the right to defer distribution until a future date specified by the Participant (not permitted in the case of the Dreyfus Easy Retirement Plans -- Plan Numbers 01005 and 01006) or until Normal Retirement Age (or age sixty-two (62), if later), and if the Plan is subject to the Automatic Annuity Rules of Section 8.2, shall be provided during the period beginning ninety (90) days before and ending thirty (30) days before the Annuity Starting Date. (b) If the value of the Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is not greater than $3,500, the Employee shall receive a distribution of the value of the entire vested portion of such account balance. However, no such distribution shall be made after the Annuity Starting Date unless the Participant and his or her spouse (or the Participant's surviving spouse) consent in writing to such distribution. (c) Unless the Participant elects otherwise, distribution of benefits shall commence no later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following events occurs: (i) the Participant reaches his Normal Retirement Age (or age sixty-five (65), if earlier), (ii) the tenth (10th) anniversary of the year in which the Participant commenced participation in the Plan, or (iii) the Participant terminates employment with the Employer. The failure of a Participant or surviving spouse to consent to a distribution shall be deemed to be an election to defer commencement of benefit distributions sufficient to satisfy this Section. (d) Neither the consent of the Participant nor the Participant's spouse shall be required to the extent a distribution is necessary to satisfy section 401(a)(9) or section 415 of the Code.

Commencement of Benefits. The following provisions shall be applicable for determining when the distribution of benefits shall be made: (a) Any Participant who terminates employment with the Employer for any reason (including Total and Permanent Disability as defined in Section 1.61 of the Plan) shall be entitled to receive the value of the vested portion of his Accounts (determined as of the Valuation Date coincident with or immediately subsequent to his termination with employment) as soon as administratively feasible after the date of his termination of employment. If the value Actuarial Value of the Employeea Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is greater than Accrued Benefit exceeds (or at the time of any prior distribution was greater thanexceeded) $3,500, then no the Participant must consent to any distribution of such amount shall be distributed Accrued Benefit prior to the date the Participant has attained the later of Normal Retirement Age (or age sixty-two (62), if later) unless the Participant consents to the distribution. If the Plan is subject to the Automatic Annuity rules of Section 8.2, then the The consent of the Participant's spouse shall also be required to a if such distribution is made in any form other than a Qualified Joint and Survivor Annuity (as defined in Section 8.2)Annuity. In the case The consent of the Dreyfus Easy Retirement Plans (Plan Numbers 01005Participant and, and 01006)if applicable, Participants who attain the PlanParticipant's Normal Retirement Age spouse to any such distribution shall be entitled to receive obtained in writing within the value of ninety (90) day period ending on the vested portion of their Accounts. With respect to the Dreyfus standardized and non- standardized prototype profit-sharing plans (Plan Numbers 01002 and 01003) if permitted under the Adoption Agreement, Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their AccountsAnnuity Starting Date. The Committee shall provide the Participant with a written explanation of the material features and relative values of the he optional forms of benefit available under the Plan. Such notice shall also notify the Participant of the right to defer distribution until a future date specified by the Participant (not permitted in the case of the Dreyfus Easy Retirement Plans -- Plan Numbers 01005 and 01006) or until Normal Retirement Age (or age sixty-two (62), if later), and if the Plan is subject to the Automatic Annuity Rules of Section 8.2, shall be provided during the period beginning ninety (90) days before and ending thirty (30) days before the Annuity Starting Date. Notwithstanding the foregoing, only the Participant need consent to the commencement of a distribution in the form of a Qualified Joint and Survivor Annuity while the Accrued Benefit is immediately distributable. Neither the consent of the Participant nor the Participant's spouse shall be required to the extent that a distribution is required to satisfy section 401(a)(9) or section 415 of the Code. An Accrued Benefit is immediately distributable if any part of the Accrued Benefit could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of Normal Retirement Age or age 62. For purposes of determining the applicability of the foregoing consent requirements to distributions made before the first day of the first Plan Year beginning after December 31, 1988, the Participant's vested Accrued Benefit shall not include amounts attributable to accumulated deductible Employee contributions within the meaning of section 72(o)(5)(B) of the Code. (b) If the value of the Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is not greater than $3,500, the Employee shall receive a distribution of the value of the entire vested portion of such account balance. However, no such distribution shall be made after the Annuity Starting Date unless the Participant and his or her spouse (or the Participant's surviving spouse) consent in writing to such distribution. (c) Unless the Participant elects otherwise, distribution in the event of the retirement or termination of employment of a Participant, the Committee shall determine the exact date on which payment of benefits shall commence commence, but such date shall be no later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following events occurs: (i1) the Participant reaches his Normal Retirement Age (or age sixty-five (65), if earlier), (ii2) the tenth (10th) anniversary of the year in which the Participant commenced participation in the Plan, or (iii3) the Participant terminates employment with the Employer. The failure of a Participant or surviving spouse to consent to a distribution shall be deemed to be an election to defer commencement of benefit distributions sufficient to satisfy this Section. (d) . Neither the consent of the Participant nor the Participant's spouse shall be required to the extent a distribution is necessary to satisfy section 401(a)(9) or section 415 of the Code. If, however, such Participant's termination occurred after he had satisfied the Service requirements, if any, for an Early Retirement Benefit, he may elect to have such benefit commence on a date prior to his Normal Retirement Date, provided an application is filed with the Committee at least sixty (60) days prior to the earlier commencement date. Employer-derived benefits shall be paid only in the event of death, disability, termination of employment or retirement.

Commencement of Benefits. The following provisions shall be applicable for determining when the distribution of benefits shall be made: (a) Any Participant who terminates employment with the Employer for any reason (including Total and Permanent Disability as defined in Section 1.61 of the Plan) shall be entitled to receive the value of the vested portion of his Accounts (determined as of the Valuation Date coincident with or immediately subsequent to his termination with employment) as soon as administratively feasible after the date of his termination of employment. If the value Actuarial Value of the Employeea Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is greater than Accrued Benefit exceeds (or at the time of any prior distribution was greater thanexceeded) $3,500, then no the Participant must consent to any distribution of such amount shall be distributed Accrued Benefit prior to the date the Participant has attained the later of Normal Retirement Age (or age sixty-two (62), if later) unless the Participant consents to the distribution. If the Plan is subject to the Automatic Annuity rules of Section 8.2, then the The consent of the Participant's spouse shall also be required to a if such distribution is made in any form other than a Qualified Joint and Survivor Annuity (as defined in Section 8.2)Annuity. In the case The consent of the Dreyfus Easy Retirement Plans (Plan Numbers 01005Participant and, and 01006)if applicable, Participants who attain the PlanParticipant's Normal Retirement Age spouse to any such distribution shall be entitled to receive obtained in writing within the value of ninety (90) day period ending on the vested portion of their Accounts. With respect to the Dreyfus standardized and non- standardized prototype profit-sharing plans (Plan Numbers 01002 and 01003) if permitted under the Adoption Agreement, Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their AccountsAnnuity Starting Date. The Committee shall provide the Participant with a written explanation of the material features and relative values of the he optional forms of benefit available under the Plan. Such notice shall also notify the Participant of the right to defer distribution until a future date specified by the Participant (not permitted in the case of the Dreyfus Easy Retirement Plans -- Plan Numbers 01005 and 01006) or until Normal Retirement Age (or age sixty-two (62), if later), and if the Plan is subject to the Automatic Annuity Rules of Section 8.2, shall be provided during the period beginning ninety (90) days before and ending thirty (30) days before the Annuity Starting Date. Notwithstanding the foregoing, only the Participant need consent to the commencement of a distribution in the form of a Qualified Joint and Survivor Annuity while the Accrued Benefit is immediately distributable. Neither the consent of the Participant nor the Participant's spouse shall be required to the extent that a distribution is required to satisfy section 401(a)(9) or section 415 of the Code. An Accrued Benefit is immediately distributable if any part of the Accrued Benefit could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of Normal Retirement Age or age 62. For purposes of determining the applicability of the foregoing consent requirements to distributions made before the first day of the first Plan Year beginning after December 31, 1988, the Participant's vested Accrued Benefit shall not include amounts attributable to accumulated deductible Employee contributions within the meaning of section 72(o)(5)(B) of the Code. (b) If the value of the Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is not greater than $3,500, the Employee shall receive a distribution of the value of the entire vested portion of such account balance. However, no such distribution shall be made after the Annuity Starting Date unless the Participant and his or her spouse (or the Participant's surviving spouse) consent in writing to such distribution. (c) Unless the Participant elects otherwise, distribution in the event of the retirement or termination of employment of a Participant, the Committee shall determine the exact date on which payment of benefits shall commence commence, but such date shall be no later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following events occurs: (i) the Participant reaches his Normal Retirement Age (or age sixty-five (65), if earlier), (ii) the tenth (10th) anniversary of the year in which the Participant commenced participation in the Plan, or (iii) the Participant terminates employment with the Employer. The failure of a Participant or surviving spouse to consent to a distribution shall be deemed to be an election to defer commencement of benefit distributions sufficient to satisfy this Section. (d) Neither the consent of the Participant nor the Participant's spouse shall be required to the extent a distribution is necessary to satisfy section 401(a)(9) or section 415 of the Code.

Commencement of Benefits. (a) Any Participant who terminates employment with the Employer for any reason (including Total and Permanent Disability as defined in Section 1.61 of the Plan) shall be entitled to receive the value of the vested portion of his Accounts (determined as of the Valuation Date coincident with or immediately subsequent to his termination with employment) as soon as administratively feasible after the date of his termination of employment. If the value of the Employee's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is greater than (or at the time of any prior distribution was greater than) $3,500, then no such amount shall be distributed prior to Normal Retirement Age (or age sixty-two (62), if later) unless the Participant consents to the distribution. If the Plan is subject to the Automatic Annuity rules of Section 8.2, then the consent of the Participant's spouse shall also be required to a distribution in any form other than a Qualified Joint and Survivor Annuity (as defined in Section 8.2). In the case of the Dreyfus Easy Retirement Plans (Plan Numbers 01005, and 01006), Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their Accounts. With respect to the Dreyfus standardized and non- standardized prototype profit-sharing plans (Plan Numbers 01002 and 01003) if permitted under the Adoption Agreement, Participants who attain the Plan's Normal Retirement Age shall be entitled to receive the value of the vested portion of their Accounts. The Committee shall provide the Participant with a written explanation of the material features and relative values of the optional forms of benefit available under the Plan. Such notice shall also notify the Participant of the right to defer distribution until a future date specified by the Participant (not permitted in the case of the Dreyfus Easy Retirement Plans -- Plan Numbers 01005 and 01006) or until Normal Retirement Age (or age sixty-two (62), if later), and if the Plan is subject to the Automatic Annuity Rules of Section 8.2, shall be provided during the period beginning ninety (90) days before and ending thirty (30) days before the Annuity Starting Date. (b) If the value of the Participant's vested account balance derived from Employer and Employee contributions (excluding, for Plan Years beginning before January 1, 1989, accumulated Voluntary Tax-Deductible Contributions) is not greater than $3,500, the Employee shall receive a distribution of the value of the entire vested portion of such account balance. However, no such distribution shall be made after the Annuity Starting Date unless the Participant and his or her spouse (or the Participant's surviving spouse) consent in writing to such distribution. (c) Unless the Participant elects otherwise, distribution of benefits shall commence no later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following events occurs: (i) the Participant reaches his Normal Retirement Age (or age sixty-five (65), if earlier), (ii) the tenth (10th) anniversary of the year in which the Participant commenced participation in the Plan, or (iii) the Participant terminates employment with the Employer. The failure of a Participant or surviving spouse to consent to a distribution shall be deemed to be an election to defer commencement of benefit distributions sufficient to satisfy this Section. (d) Neither the consent of the Participant nor the Participant's spouse shall be required to the extent a distribution is necessary to satisfy section 401(a)(9) or section 415 of the Code.