Common use of Commencement of Distributions Clause in Contracts

Commencement of Distributions. Notwithstanding any provision ----------------------------- of this Agreement to the contrary, distribution of the Account shall commence no later than the "Required Beginning Date". For any Employee who attained age 70-1/2 after December 31, 1996 or before January 1, 1988, the Required Beginning Date is the April 1 following the calendar year in which the Employee attains age 70-1/2 or terminates employment, whichever is the later. For any Employee who attained age 70-1/2 in 1988 and had not retired by January 1, 1989, the Required Beginning Date is April 1, 1990. For any other Employee who attained age 70 and 1/2 after December 31, 1987 and before January 1, 1997, the Required Beginning Date is the April 1 following the calendar year in which the Employee attains age 70-1/2 regardless of whether the Employee has then retired. Notwithstanding the preceding paragraph, effective January 1, 1997, the Required Beginning Date for an Employee (other than an Employee who is a five percent owner, as defined in Section 416 of the Code, of the Employer with respect to the year in which the Employee attains age 70-1/2) is the April 1 following the calendar year in which the Employee attains age 70-1/2 or retires from the Employer, whichever is later. [If an Employee is still employed by the Employer after January 1, 1997, and he is receiving required distributions in accordance with the preceding paragraph but would not be required to receive distributions under the preceding sentence, the Employee may file an election with the Custodian to cease minimum required distributions under the preceding paragraph; and such Employee may resume distributions by filing a written request with the Custodian under Section 5.1 above at the time required by the preceding sentence. In the case of an Account which contains Direct Contributions, the election in the preceding sentence will apply only if the Employer consents thereto in a written consent filed with the Custodian.]

Commencement of Distributions. Notwithstanding any provision ----------------------------- of this Agreement to the contrary, distribution of the Account shall commence no later than the "Required Beginning Date". For any Employee who attained age 70-1/2 after December 31, 1996 or before January 1, 1988, the Required Beginning Date is the April 1 following the calendar year in which the Employee attains age 70-1/2 or terminates employment, whichever is the later. For any Employee who attained age 70-1/2 in 1988 and had not retired by January 1, 1989, the Required Beginning Date is April 1, 1990. For any other Employee who attained age 70 and 1/2 after December 31, 1987 and before January 1, 1997, the Required Beginning Date is the April 1 following the calendar year in which the Employee attains age 70-1/2 regardless of whether the Employee has then retired. Notwithstanding the preceding paragraph, effective January 1, 1997, the Required Beginning Date for an Employee (other than an Employee who is a five percent owner, as defined in Section 416 of the Code, of the Employer with respect to the year in which the Employee attains age 70-1/2) is the April 1 following the calendar year in which the Employee attains age 70-1/2 or retires from the Employer, whichever is later. [If an Employee is still employed by the Employer after January 1, 1997, and he is receiving required distributions in accordance with the preceding paragraph but would not be required to receive distributions under the preceding sentence, the Employee may file an election with the Custodian to cease minimum required distributions under the preceding paragraph; and such Employee may resume distributions by filing a written request with the Custodian under Section 5.1 above at the time required by the preceding sentence. In the case of an Account which contains Direct Contributions, the election in the preceding sentence will apply only if the Employer consents thereto in a written consent filed with the Custodian.]