Common use of Commencement of Benefits Clause in Contracts

Commencement of Benefits. (a) Unless the Participant elects otherwise, distribution of benefits will begin no later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: (1) the Participant attains age 65 (or normal retirement age if earlier), (2) the 10th anniversary of the year in which the Participant commenced participation in the Plan, or (3) the Participant terminates Service with the Employer. (b) Notwithstanding the foregoing, the failure of a Participant and Spouse (if necessary) to consent to a distribution while a benefit is immediately distributable, within the meaning of paragraph 6.4 hereof, shall be deemed an election to defer commencement of payment of any benefit sufficient to satisfy this paragraph.

Commencement of Benefits. (a) Unless the Participant elects otherwise, distribution of benefits will begin no later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: (1) the Participant attains age 65 (or normal retirement age if earlier), (2) occurs the 10th anniversary of the year in which the Participant commenced participation in the Plan, or (3) the Participant terminates Service with the Employer. (b) Notwithstanding the foregoing, the failure of a Participant and Spouse (if necessary) to consent to a distribution while a benefit is immediately distributable, within the meaning of paragraph 6.4 hereof, shall be deemed an election to defer commencement of payment of any benefit sufficient to satisfy this paragraph. (c) Unless the Employer provides otherwise in the Adoption Agreement, distributions of benefits will be made within 60 days following the close of the Plan Year during which a distribution is requested or otherwise becomes payable.

Commencement of Benefits. (a) Unless the Participant elects otherwise, distribution of benefits will begin no later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: (1) the Participant attains age 65 (or normal retirement age if earlier), (2) the 10th anniversary of the year in which the Participant commenced participation in the Plan, or (3) the Participant terminates Service with the Employer. (b) Notwithstanding the foregoing, the failure of a Participant and Spouse (if necessary) to consent to a distribution while a benefit is immediately distributable, within the meaning of paragraph 6.4 hereof, shall be deemed an election to defer commencement of payment of any benefit sufficient to satisfy this paragraph. (c) Unless the Employer provides otherwise in the Adoption Agreement, distributions of benefits will be made within 60 days following the close of the Plan Year during which a distribution is requested or otherwise becomes payable.