LifeStage Retirement Income Sample Clauses

LifeStage Retirement Income. An optional method of payment which is provided by the Administrator directly or through a contractor, under this Plan or via transfer of all or a portion of an Accountholder’s Account Balance to the United Methodist Personal Investment Plan (“UMPIP”). Under this form of payment, a series of periodic payments that may vary in amount over time are distributed from all or a portion of an Accountholder’s Account Balance, over the Accountholder’s life expectancy or the Accountholder’s and Spouse’s joint life expectancy. This method of payment may also incorporate modifications elected by the Accountholder, affirmatively or as a result of a default feature, with such modifications determined in accordance with procedures established by the Administrator. Such modifications may include the purchase of a deferred annuity from an insurance company, the receipt of Social Security bridge payments, under which increased periodic payments are made during a period of deferral of Social Security retirement payments, and the ability to receive no more than the required minimum distributions under Section 9.4. The purchase of a deferred annuity with amounts from the Accountholder’s Account Balance will be made in accordance with regulations under Code §401(a)(9). Additional administrative details of this method of payment will be determined by the Administrator, consistent with the objectives of providing installments over applicable life expectancies, in a manner that prudently balances the objectives of maximizing payments made over the expected

LifeStage Retirement Income. In accordance with rules established by the Administrator, an Accountholder may elect to receive all or a portion of his or her Vested Account Balance in distributions under LifeStage Retirement Income. Such distributions will be made in a series of periodic distributions, payable annually or at more frequent intervals, that will vary in amount over time, for a period of time intended to approximate the Accountholder’s life expectancy. There is, however, no assurance that the Accountholder’s Vested Account Balance will not be exhausted before the Accountholder’s death or that there may not be some Vested Account Balance left at the Accountholder’s death. Such distributions may, at the Administrator’s discretion, be made from this Plan or from the United Methodist Personal Investment Plan, after all or a portion of the Vested Account Balance is transferred to such plan via a plan-to-plan transfer.