Elimination of Pre-Retirement Age 70½ Distribution Option. The pre-retirement age 70½ distribution option will only be eliminated for Employees who reach age 70½ in or after a calendar year that begins after the later of December 31, 1998, or the date of adoption of this amended Plan. The pre-retirement age 70½ distribution option is an optional form of benefit under which benefits payable in a particular distribution form (including any modifications that may be elected after benefit commencement) begin at a time during the period that begins on or after January 1 of the calendar year in which an Employee reaches age 70½ and ends April 1 of the immediately following calendar year.
Appears in 5 contracts
Samples: Defined Contribution Plan, Defined Contribution Plan, Defined Contribution Plan (1st Constitution Bancorp)
