Common use of Death before distribution of balance Clause in Contracts

Death before distribution of balance. If the Participant dies before distribution of his Vested Balance commences, the Participant’s entire Vested Balance shall be completely distributed by December 31 of the calendar year containing the fifth (5th) anniversary of the Participant’s death except to the extent that an election is made to receive distributions in accordance with (1) or (2) below: (1) If any portion of the Participant’s Vested Balance is payable to a designated Beneficiary, distributions may be made over the life of the designated Beneficiary or over a period certain not greater than the life expectancy of the designated Beneficiary, if permitted under the Adoption Agreement, commencing on or before December 31 of the calendar year immediately following the calendar year in which the Participant died; or (2) If the designated Beneficiary is the Participant’s Surviving Spouse, the date distributions are required to begin in accordance with (1) above shall not be earlier than the later of: (i) December 31 of the calendar year immediately following the calendar year in which the Participant died, or (ii) December 31 of the calendar year in which the Participant would have attained age 70 1/2.

Death before distribution of balance. If the Participant dies before distribution of his Vested Balance commences, the Participant’s 's entire Vested Balance shall be completely distributed by December 31 of the calendar year containing the fifth (5th) anniversary of the Participant’s 's death except to the extent that an election is made to receive distributions in accordance with (1) or (2) below: (1) If any portion of the Participant’s 's Vested Balance is payable to a designated Beneficiary, distributions may be made over the life of the designated Beneficiary or over a period certain not greater than the life expectancy of the designated Beneficiary, if permitted under the Adoption Agreement, commencing on or before December 31 of the calendar year immediately following the calendar year in which the Participant died; or (2) If the designated Beneficiary is the Participant’s 's Surviving Spouse, the date distributions are required to begin in accordance with (1) above shall not be earlier than the later of: (i) December 31 of the calendar year immediately following the calendar year in which the Participant died, or (ii) December 31 of the calendar year in which the Participant would have attained age 70 1/2701/2.