Common use of Limits on Distribution Periods Clause in Contracts

Limits on Distribution Periods. As of the first distribution calendar year, distributions, if not made in a single-sum, may only be made over one of the following periods (or a combination thereof): (i) the life of the Participant, (ii) the life of the Participant and a designated Beneficiary, (iii) a period certain not extending beyond the life expectancy of the Participant, or (iv) a period certain not extending beyond the joint and last survivor expectancy of the Participant and a designated Beneficiary. Any annuity contract purchased and distributed to a Participant or his Beneficiary shall comply with the requirements of this Plan, and shall be made and endorsed as nontransferable.