Date of Distribution. Unless the Participant or, if deceased, his Beneficiary, surviving spouse or estate, as the case may be, otherwise elects, the payment of benefits to which any such person is entitled shall begin not later than sixty (60) calendar days after the latest of the Anniversary Date of the Plan Year in which: (a) the Participant attains age sixty-five (65), (b) occurs the tenth (10th) anniversary of the date on which the Participant initially became eligible to participate in this Plan, or (c) the Participant terminates his employment with the Companies; provided, however, that the distribution of benefits to a Participant shall commence on or before April 1 of the calendar year following the calendar year during which that Participant attains age seventy and one-half (70 1/2) or, if the Participant is not a five percent (5%) owner of a Company (within the meaning of Section 416 of the Code) and if later, of the calendar year during which his employment with the Company is terminated.
Appears in 4 contracts
Samples: Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp), Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp), Employee Stock Ownership Plan and Trust Agreement (Lincoln Bancorp /In/)
Date of Distribution. Unless the Participant or, if deceased, his Beneficiary, surviving spouse or estate, as the case may be, otherwise elects, the payment of benefits to which any such person is entitled shall begin not later than sixty (60) calendar days after the latest of the Anniversary Date of the Plan Year in which:
(a) the Participant attains age sixty-five (65),
(b) occurs the tenth (10th) anniversary of the date on which the Participant initially became eligible to participate in this Plan, or
(c) the Participant terminates his employment with the Companies; provided, however, that the distribution of benefits to a Participant shall commence on or before April 1 of the calendar year following the calendar year during which that Participant attains age seventy and one-half (70 1/2) or, if the Participant is not a five percent (5%) owner of a Company (within the meaning of Section 416 of the Code) and if later, of the calendar year during which his employment with the Company is terminated.
Appears in 2 contracts
Samples: Employee Stock Ownership Plan and Trust Agreement (Citizens Bancorp), Employee Stock Ownership Plan and Trust Agreement (Citizens Bancorp)
