Distribution Commencement Date Sample Clauses

Distribution Commencement Date. Except as limited in paragraphs (a) and (b) above, the Trustee shall commence benefit payments for all claims authorized for payment in a Plan Year no later than 60 days following the end of the applicable Plan Year or as soon thereafter as is practicable, but in no event later than 180 days after the end of the applicable Plan Year, except where such delay is required by special circumstances. Such special circumstances include the transfer, merger and/or consolidation of assets of this Plan with another plan, liquidation of assets or surrender of insurance contracts, the partial or full termination of the Plan, or irregularities discovered in the books of the Plan as a result of an audit or investigation of the Plan, or any other unusual circumstances that would cause a prudent man to delay allocating earnings and losses in the Trust. Such benefit payments shall be delayed until the Named Fiduciaries agree that the records and books of the Plan are in sufficient order and in accordance with generally accepted accounting practices so that benefit payments can fairly and accurately be made. In such matters, the decision of the Named Fiduciaries shall be final, binding and conclusive. Furthermore, unless a Participant elects otherwise, and subject to the limitations in paragraphs (a) and (b), payment of his benefits under this Plan shall be made or commence no later than the 60th day after the later of: (1) the end of the year of his 65th birthday; or (2) the end of the year in which his employment terminates. If benefits due from a Participant's Accounts are paid as of the date of entitlement to such benefits, any further amount which may be due from a Participant's Accounts shall be paid to the recipient no later than 60 days following the end of the Plan Year in which Separation from Service with the Employer occurs. Notwithstanding the preceding, if a Participant elects, he or she shall receive a distribution as soon as administratively practicable after such Participant requests a distribution pursuant to Section 7.07(a).

Distribution Commencement Date. For purposes of paragraph (b)(ii) above, required distributions are considered to commence on the date distributions are required to begin to the surviving spouse under such paragraph. However, if distributions start prior to the applicable date in the preceding sentence on an irrevocable basis (except for acceleration) under an annuity contract meeting the requirements of Section 1.401(a)(9)-6T of the Temporary Income Tax Regulations or successor provisions, then required distributions are considered to commence on the annuity starting date.

Distribution Commencement Date. (a) Subject to (b), (c) and 7.3 and 7.7 below, the Committee shall set the starting date of distribution from the Regular, Optional and other Accounts of the Participant for as soon as administratively practicable following the date or events set forth in the adoption agreement. The adoption agreement may also specify that different Accounts of a single Participant, or portions of the Participant's Accounts, are subject to different distribution starting dates. (b) Distribution of the accounts of a Participant shall begin within 60 days after the latest of: (1) the last day of the Plan Year in which he attained age 65; (2) the last day of the Plan Year in which he dies or terminates his employment with the Company; and (3) the tenth anniversary of the year in which the Participant commenced participation in the Plan. A Participant may elect, in writing, to defer the date distribution is otherwise required to begin under this Paragraph, if such deferral is in compliance with (c) below. The failure of a Participant and spouse to consent to a distribution while a benefit is immediately distributable under Plan section 7.7 is deemed to be an election to defer commencement of payment of any benefit sufficient to satisfy this section. (c) Distribution of the accounts of a Participant shall begin no later than that Participant's required beginning date. Generally, each Participant's required beginning date is April 1 of the calendar year following the calendar year in which the Participant attains age 70 and 1/2. For Participant's who attain age 70 and 1/2 before January 1, 1988, the required beginning date (I) if the Participant is not a Five Percent Owner is the April 1 of the calendar year following the calendar year in which the later of retirement or attainment of age 70 and 1/2 occurs; and (II) if the Participant is a Five Percent Owner during any year beginning after December 31, 1979 is April 1 of the calendar year following the calendar year in which the Participant attains age 70 and 1/2 or the earlier of the calendar year with or within which ends the Plan Year in which the Participant becomes a Five Percent Owner or the calendar year in which the Participant retires. The required beginning date of a Participant who is not a Five Percent Owner who attains age 70 and 1/2 during 1988 and who has not retired as of January 1, 1989, is April 1, 1990. An individual is treated as a Five Percent Owner under this subsection if that individual meets the requirem...

Distribution Commencement Date