Common use of In-Service Distributions Clause in Contracts

In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed (“In-Service Distributions”), if they elect a fixed distribution date during the regular election period. [Select one] o No, In-Service Distributions will not be permitted. x Yes, In-Service Distributions will be permitted. [select one ]. x For All Participant Deferral Contributions o For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o For Participant Performance-Based Bonus Deferral Contributions. o For Employer Contributions. [if selected, employer contributions must be 100% vested, and additional fees may apply]. If Employer wishes to limit in-service withdrawals to specific types of Employer Contributions, enter details below: [Note — if “Yes” is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a “pushback” subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document — note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) x Yes o No ]

Appears in 1 contract

Samples: Nonqualified Supplemental Deferred Compensation Plan Adoption Agreement (Main Street Capital CORP)

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In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed (“In-Service Distributions”), if they elect a fixed distribution date during the regular election period. [Select one] o No, In-Service Distributions will not be permitted. x Yes, In-Service Distributions will be permitted. [select one ]. x For All Participant Deferral Contributions o For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o For Participant Performance-Based Bonus Deferral Contributions. o For Employer Contributions. [if selected, employer contributions must be 100% vested, and additional fees may apply]. If Employer wishes to limit in-service withdrawals to specific types of Employer Contributions, enter details below: 128470050v1 [Note - if “Yes” is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a “pushback” subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document - note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) x Yes o No ]] ☐ 2 Years after the Calendar Year for which the deferral is effective ☐ Years after the Calendar Year for which the deferral is effective ☐ No (single distribution date allowed per Plan Year) ☐ Yes (requires additional tracked sources per Plan Year)

Appears in 1 contract

Samples: Nonqualified Supplemental Deferred Compensation Plan Adoption Agreement (Carter Bankshares, Inc.)

In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed (“In-Service Distributions”), if they elect a fixed distribution date during the regular election period. [Select one] o No, In-Service Distributions will not be permitted. x Yes, In-Service Distributions will be permitted. [select one ]. x For All Participant Deferral Contributions o For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o For Participant Performance-Based Bonus Deferral Contributions. o For Employer Contributions. [if selected, employer contributions must be 100% vested, and additional fees may apply]. If Employer wishes to limit in-service withdrawals to specific types of Employer Contributions, enter details below: _________________________________________________________________ [Note - if “Yes” is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a “pushback” subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document - note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) x Yes o ☐ No] ☐ 2 Years after the Calendar Year for which the deferral is effective ☒ 1 Years after the Calendar Year for which the deferral is effective ☒ No ](single distribution date allowed per Plan Year) ☐ Yes (requires additional tracked sources per Plan Year)

Appears in 1 contract

Samples: Nonqualified Supplemental Deferred Compensation Plan Adoption Agreement (Atlantic Union Bankshares Corp)

In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed (“In-Service Distributions”), if they elect a fixed distribution date during the regular election period. [Select one] o No, In-Service Distributions will not be permitted. x Yes, In-Service Distributions will be permitted. [select one ]. x For All Participant Deferral Contributions o For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o For Participant Performance-Based Bonus Deferral Contributions. o For Employer Contributions. [if selected, employer contributions must be 100% vested, and additional fees may apply]. If Employer wishes to limit in-service inservice withdrawals to specific types of Employer Contributions, enter details below: [Note if “Yes” is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a “pushback” subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) x Yes o ☐ No] ☐ 2 Years after the Calendar Year for which the deferral is effective ☒ 1 Years after the Calendar Year for which the deferral is effective ☒ No ](single distribution date allowed per Plan Year) ☐ Yes (requires additional tracked sources per Plan Year)

Appears in 1 contract

Samples: Nonqualified Supplemental Deferred Compensation Plan Adoption Agreement (C & F Financial Corp)

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In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed (“In-Service Distributions”), if they elect a fixed distribution date during the regular election period. [Select one] o ¨ No, In-Service Distributions will not be permitted. x Yes, In-Service Distributions will be permitted. [select one one]. x For All Participant Deferral Contributions o ¨ For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o ¨ For Participant Performance-Based Bonus Deferral Contributions. o ¨ For Employer Contributions. [if selected, employer contributions must be 100% vested, and additional fees may apply]. If Employer wishes to limit in-service withdrawals to specific types of Employer Contributions, enter details below: [Note if “Yes” is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a “pushback” subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) x Yes o No ¨ No]

Appears in 1 contract

Samples: Nonqualified Deferred Compensation Plan Adoption Agreement (Quanta Services Inc)

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