DISTRIBUTION ELECTION. Each Participant shall designate in his or her election the timing of his or her distribution as described in the accompanying election form. Notwithstanding anything to the contrary contained herein provided, no acceleration of the time or schedule of payments under the Plan shall occur except as permitted under both this Plan and Code Section 409A. If the Participant fails to properly designate the time and form of a distribution, the Participant’s Account shall be paid in a lump sum.
Appears in 5 contracts
Samples: Uwharrie Capital Corp, Supplemental Retirement Plan Agreement (Uwharrie Capital Corp), Supplemental Retirement Plan Agreement (Uwharrie Capital Corp)
