DISTRIBUTION FROM THE ACCOUNT Sample Clauses

DISTRIBUTION FROM THE ACCOUNT. Distribution of the account shall be made only in accordance with a written election communicated to the Custodian by the Employee. Such a written election may be made only upon the occurrence of an Event of Distribution, and shall specify the Method of Distribution from among those described below. The Event of Distribution may be the Employee's termination of service with the Employer or the Employee's attainment of age 59 1/2 or the Employee's suffering financial hardship. Alternatively, the Event of Distribution may be the Employee's disability or death. However, Custodian assumes (and shall have) no responsibility to make any distribution unless and until such order specified the elected manner of distribution. Also, before making any such distribution or before honoring any assignment of the Custodial account, Custodian shall be furnished with any and all applications, certificates, tax waivers, signature guarantees, and other documents (including proof of any legal representatives' authority) requested in its discretion by Custodian, but Custodian shall not be liable for complying with an order which appears on its face to be genuine, or for refusing to comply if not satisfied it is genuine, and assumes no duty of further inquiry. Distribution from the account prior to the Employee's death shall be made in one of the following methods as specified in a written election by the Employee: (1) If assets in the account are sufficient and if a systematic withdrawal plan is then available with respect to the mutual fund shares held in the custodial account, the Custodian may be instructed to make installment payments to the Employee in monthly or other regular intervals as elected by the Employee over a period of time not exceeding the Employee's life expectancy or the joint and survivor life expectancy of the Employee and designated beneficiary. (2) A single-sum payment. (3) By purchase and distribution of a single-premium fixed or variable non-transferable annuity contract meeting the requirements of 403(b) of the Internal Revenue Code. (4) Any combination of the methods of distribution set forth in this paragraph. If the Employee dies before his/her entire interest in the account is distributed, the following distribution provisions shall apply: (1) If the Employee dies after the distribution from his/her account has commenced, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution ...