Initial Distribution Election Sample Clauses

Initial Distribution Election. Subject to Section 6.1, if a Participant has a Severance from Employment with the University (other than by death), the Participant will be entitled to and may elect during a 90 day election period following such Severance from Employment to receive or begin to receive the balance credited to their Account immediately or may elect to defer payment to a specified date. The Participant may elect one of the forms of payments described in Section 6.3. A Participant who has made an election may change their election prior to the end of the election period. If the Participant makes no affirmative election of a form or time of payment during the election period, the Participant’s Account shall automatically be distributed in one lump sum payment 90 days following such Severance from Employment with the University.