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.