Common use of Methods and Timing of Distributions to a Participant Clause in Contracts

Methods and Timing of Distributions to a Participant. Distributions to a Participant from the Participant Account must commence by no later than the Required Beginning Date. The Required Beginning Date for a Participant shall be the later of the April 1 after the year in which the Participant attains age 70 ½ or the April 1 after the year in which the Participant actually retires, or as otherwise required by Code Sections 403(b)(10) and 401(a)(9) and regulations thereunder. A Participant may elect to receive the distribution of assets from the Participant Account to which the Participant is entitled in accordance with Section 9.1 of this Article or which are required to be made as provided in the immediately preceding paragraph in any one or more or a combination of the following ways: 9.2.1 In a single lump sum payment; or 9.2.2 In multiple payments as determined by the Participant; or 9.2.3 In periodic monthly, quarterly, semi-annual or annual installments over a fixed period not exceeding the life expectancy of the Participant or the Participant’s Beneficiary or the joint life and last survivor expectancy of the Participant and the Participant’s Beneficiary. Single payments and installments must be taken in cash. When receiving installment payments under Section 9.2.3, above, the Participant may increase the amount of installments or receive a distribution of any part or all of the balance in the Participant Account at any time upon prior written notice to the Program Sponsor. The Participant may elect the method and form of distribution either before or after the occurrence of the event which permits payment to be made. The Program Sponsor will not provide distribution Instructions to Custodian for payment to the Participant, however, until receipt of written instructions from the Participant and/or the Employer or its TPA.