Common use of Minimum Required Distributions Clause in Contracts

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 2002, payment of a Member’s Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 2002, payment of a Member’s =s Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 702 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 5-percent owner Owner (as described in Code Section 416(i) of the Code)), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2702, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2702. (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section 7.7 shall apply to any distribution of a Member’s =s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 7.7 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 7.7 shall be determined and made in accordance with the proposed regulations under Code Section 401(a)(9) of the Code), including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date=s Required Beginning Date. (B) As of the first distribution calendar yearDistribution Calendar Year, distributions, if not made in a single-sum, may only be made over one of the following periods (or a combination thereof): (1) the life of the Member, (2) the life of the Member and a designated beneficiaryBeneficiary, (3) a period certain not extending beyond the life expectancy Life Expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiaryBeneficiary. (C) If the Member’s =s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning dateRequired Beginning Date: (1) If a Member’s =s benefit is to be distributed over (a) a period not extending beyond the life expectancy Life Expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s =s designated beneficiary Beneficiary or (b) a period not extending beyond the life expectancy Life Expectancy of the designated beneficiaryBeneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar yearDistribution Calendar Year, must at least equal the quotient obtained by dividing the Member’s =s benefit by the applicable life expectancyApplicable Life Expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s =s spouse is not the designated beneficiaryBeneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy Life Expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year Distribution Calendar Year shall not be less than the quotient obtained by dividing the Member’s =s benefit by the lesser of (a) the applicable life expectancy Applicable Life Expectancy or (b) if the Member’s =s spouse is not the designated beneficiaryBeneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy Applicable Life Expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s =s first distribution calendar year Distribution Calendar Year must be made on or before the Member’s required beginning date=s Required Beginning Date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year Distribution Calendar Year in which the employee’s required beginning date Employee=s Required Beginning Date occurs, must be made on or before December 31 of that distribution calendar yearDistribution Calendar Year. If the Member’s =s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s 's interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s 's required beginning date. (B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. (C) If the Member’s 's interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s 's benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s 's designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s 's benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s 's spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Member’s 's benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s 's spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s 's first distribution calendar year must be made on or before the Member’s 's required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s 's required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s 's benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 70½ or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/270½, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2.70½. (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. (B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. (C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 2002, payment of a Member’s Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 5-percent owner Owner (as described in Code Section 416(i) of the Code)), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section 7.7 shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 7.7 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 7.7 shall be determined and made in accordance with the proposed regulations under Code Section 401(a)(9) of the Code), including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning dateRequired Beginning Date. (B) As of the first distribution calendar yearDistribution Calendar Year, distributions, if not made in a single-sum, may only be made over one of the following periods (or a combination thereof): (1) the life of the Member, (2) the life of the Member and a designated beneficiaryBeneficiary, (3) a period certain not extending beyond the life expectancy Life Expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiaryBeneficiary. (C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning dateRequired Beginning Date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy Life Expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s designated beneficiary Beneficiary or (b) a period not extending beyond the life expectancy Life Expectancy of the designated beneficiaryBeneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar yearDistribution Calendar Year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancyApplicable Life Expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiaryBeneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy Life Expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year Distribution Calendar Year shall not be less than the quotient obtained by dividing the Member’s benefit by the lesser of (a) the applicable life expectancy Applicable Life Expectancy or (b) if the Member’s spouse is not the designated beneficiaryBeneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy Applicable Life Expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year Distribution Calendar Year must be made on or before the Member’s required beginning dateRequired Beginning Date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year Distribution Calendar Year in which the employeeEmployee’s required beginning date Required Beginning Date occurs, must be made on or before December 31 of that distribution calendar yearDistribution Calendar Year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 as percent owner (as described in Section section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 1/2 Such benefit shall be determined and made paid, in accordance with the proposed regulations under Section 401(a)(9) of the CodeRegulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the such Member (or the joint life and last survivor expectancy of the Member and the Member’s his designated beneficiary or (b) a period not extending beyond the Beneficiary). For purposes of this Section, life expectancy of a Member and/or a Member's spouse may at the designated beneficiaryelection of the Member be recalculated annually in accordance with the Regulations. The election, once made, shall be irrevocable. If the Member does not make an election prior to the time that distributions are required to commence, then life expectancies shall not be recalculated. Notwithstanding anything in the Plan to the contrary, if a Member dies after distribution of his interest has begun, the amount required remaining portion of such interest will continue to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, as rapidly as under the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of being used prior to the Member. (3) For calendar years beginning after December 31's death. In addition, 1988, to the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing extent any payments from the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if 's Account would be made after the Member’s spouse is not the designated beneficiary's death, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder such payments shall be made in accordance with the requirements of Section 401(a)(9401 (a)(9) of the Code and the proposed regulations thereunderIRS Regulations thereunder (including the minimum distribution incidental benefit requirements).

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/21/2 . (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s 's interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s 's required beginning date. (B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. (C) If the Member’s 's interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s 's benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s 's designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s 's benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s 's spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Member’s 's benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s 's spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 1.401(a)(9)2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s 's first distribution calendar year must be made on or before the Member’s 's required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s 's required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s 's benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 Such benefit shall be determined and made paid, in accordance with the proposed regulations under Section 401(a)(9) of the CodeRegulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the such Member (or the joint life and last survivor expectancy of the Member and the Member’s his designated beneficiary or (b) a period not extending beyond the Beneficiary). For purposes of this Section, life expectancy of a Member and/or a Member's spouse may at the designated beneficiaryelection of the Member be recalculated annually in accordance with the Regulations. The election, once made, shall be irrevocable. If the Member does not make an election prior to the time that distributions are required to commence, then life expectancies shall not be recalculated. Notwithstanding anything in the Plan to the contrary, if a Member dies after distribution of his interest has begun, the amount required remaining portion of such interest will continue to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, as rapidly as under the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of being used prior to the Member. (3) For calendar years beginning after December 31's death. In addition, 1988, to the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing extent any payments from the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if 's Account would be made after the Member’s spouse is not the designated beneficiary's death, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder such payments shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the IRS Regulations thereunder (including the minimum distribution incidental benefit requirements). With respect to distributions under the Plan made on or after December 1, 2001, for calendar years beginning on or after January 1, 2001, the Plan will apply the minimum distribution requirements of section 401 (a)(9) of the Internal Revenue Code in accordance with the regulations under section 401 (a)(9) that were proposed on January 17, 2001 (the 2001 Proposed Regulations), notwithstanding any provision of the Plan to the contrary. If the total amount of the 2001 required minimum distributions made to a Member prior to November 1, 2001 are equal to or greater than the amount of required minimum distributions determined under the 2001 Proposed Regulations, then no additional distributions are required for such Member for 2001 on or after such date. If the total amount of required minimum distributions made to a Member prior to November 1, 2001 for 2001 are less than the amount determined under the 2001 Proposed Regulations, then the amount of required minimum distributions for 2001 on or after such date will be determined so that the total amount of required minimum distributions for 2001 is the amount determined under the 2001 proposed Regulations. This amendment shall continue in effect until the last calendar year beginning before the effective date of the final regulations thereunderunder section 401(a)(9) or such other date as may be published by the Internal Revenue Service.

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 1/2. A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 Such benefit shall be determined and made paid, in accordance with the proposed regulations under Section 401(a)(9) of the CodeRegulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the such Member (or the joint life and last survivor expectancy of the Member and the Member’s his designated beneficiary or (b) a period not extending beyond the Beneficiary). For purposes of this Section, life expectancy of a Member and/or a Member's spouse may at the designated beneficiaryelection of the Member be recalculated annually in accordance with the Regulations. The election, once made, shall be irrevocable. If the Member does not make an election prior to the time that distributions are required to commence, then life expectancies shall not be recalculated. Notwithstanding anything in the Plan to the contrary, if a Member dies after distribution of his interest has begun, the amount required remaining portion of such interest will continue to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, as rapidly as under the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of being used prior to the Member. (3) For calendar years beginning after December 31's death. In addition, 1988, to the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing extent any payments from the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if 's Account would be made after the Member’s spouse is not the designated beneficiary's death, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder such payments shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunderIRS Regulations thereunder (including the minimum distribution incidental benefit requirements).

Minimum Required Distributions. Effective as of January 1, 1997 through December 31, 20021997, payment of a Member’s 's Account shall not commence later than April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 70-1/2 or (ii) the calendar year in which the Member retires; provided however, if the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 70-1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year following the calendar year in which the Member attains age 70 70-1/2. (A) Subject to Section 7.3, joint and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s 's interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s 's required beginning date. (B) 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): (1) the life of the Member, (2) the life of the Member and a designated beneficiary, (3) a period certain not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. (C) If the Member’s 's interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s 's benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s 's designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s 's benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s 's spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less than the quotient obtained by dividing the Member’s 's benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s 's spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s 's first distribution calendar year must be made on or before the Member’s 's required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s 's required beginning date occurs, must be made on or before December 31 of that distribution calendar year. If the Member’s 's benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code and the proposed regulations thereunder.

Minimum Required Distributions. Effective as (i) Notwithstanding any other provision of the Plan to the contrary, (1) Participants who attained age seventy and one-half (70-1/2) before January 1, 1997 through December 311988 and whose Termination from Service did not occur before January 1, 20021988, payment shall have distribution of a Member’s their vested Account shall Value made or begun not commence later than the April 1 of 1st following the calendar year following of the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retiresParticipant's Termination from Service; provided provided, however, if that any such Participant may elect to begin receiving distribution on or after the Member is a 5 percent owner (as described in Section 416(i) of the Code), at any time during the Plan Year ending with or within the calendar year in which the Employee attains age 70 1/2, any benefit payable to such Member shall commence no later than April 1 of the calendar year 1st following the calendar year in which the Member attains Participant attained age 70 seventy and one-half (70-1/2. A) Subject to Section 7.3, joint even though such distribution precedes the Participant's Termination from Service; and survivor annuity requirements, the requirements of this Section shall apply to any distribution of a Member’s interest and will take precedence over any inconsistent provisions of this Plan. Unless otherwise specified, the provisions of this Section 7.6 apply to calendar years beginning after December 31, 1984. All distributions required under this Section 7.6 shall be determined and made in accordance with the proposed regulations under Section 401(a)(9) of the Code, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the proposed regulations. The entire interest of a Member must be distributed or begin to be distributed no later than the Member’s required beginning date. B) 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): (1) the life of the Member, (2) the life distribution of the Member and a designated beneficiary, any other Participant's vested Account Value (3regardless of whether such Participant is an Employee) a period certain shall be made or begun not extending beyond the life expectancy of the Member, or (4) a period certain not extending beyond the joint and last survivor expectancy of the Member and a designated beneficiary. C) If the Member’s interest is to be distributed in other than a single sum, the following minimum distribution rules shall apply on or after the required beginning date: (1) If a Member’s benefit is to be distributed over (a) a period not extending beyond the life expectancy of the Member or the joint life and last survivor expectancy of the Member and the Member’s designated beneficiary or (b) a period not extending beyond the life expectancy of the designated beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Member’s benefit by the applicable life expectancy. (2) For calendar years beginning before January 1, 1989, if the Member’s spouse is not the designated beneficiary, the method of distribution selected must assure that at least 50% of the present value of the amount available for distribution is paid within the life expectancy of the Member. (3) For calendar years beginning after December 31, 1988, the amount to be distributed each year, beginning with distributions for the first distribution calendar year shall not be less later than the quotient obtained by dividing April 1st following the Member’s benefit by the lesser of (a) the applicable life expectancy or (b) if the Member’s spouse is not the designated beneficiary, the applicable divisor determined from the table set forth in Q&A-4 of Section 1.401(a)(9)-2 of the proposed regulations. Distributions after the death of the Member shall be distributed using the applicable life expectancy in paragraph (1) above as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. (4) The minimum distribution required for the Member’s first distribution calendar year must be made on or before the Member’s required beginning date. The minimum distribution for other calendar years, including the minimum distribution for the distribution calendar year in which the employee’s required beginning date occurs, must be made on or before December 31 of that distribution calendar yearParticipant attains age seventy and one-half (70-1/2). If the Member’s benefit is distributed in the form of an annuity purchased from an insurance company, distributions thereunder Benefit payments under this subsection shall be made calculated on the basis of the Participant's life expectancy, or at the option of the Participant, on the basis of the joint life expectancies of the Participant and his or her Beneficiary, all in accordance with the applicable regulations; provided, however, that, effective October 1, 1994, the Participant must obtain spousal consent in the manner described in Section 8.7 in order to elect distribution over joint life expectancies of the Participant and a Beneficiary other than his or her Spouse. Life expectancies of Participants and their Spouse Beneficiaries shall be recalculated annually. A Participant may elect the time during the year at which such minimum benefit payments will be made and, if no election is made, such payments will be made during the last month in which such minimum distribution is required to be made or at such other time determined by the Plan Administrator in its sole discretion, but no earlier than six months prior to the last month in which the distribution is required. (ii) A Participant whose Termination from Service precedes the attainment of age 70-1/2 may defer distribution of the payment of any benefits until the April 1st following the calendar year in which the Participant attains age seventy and one-half (70-1/2), at which time benefit payments shall commence as provided above unless and until the Participant elects to begin distribution in accordance with Section 8.6. Until a Participant elects a form of distribution under Section 8.5 and 8.6, the Participant may (1) request up to three (3) withdrawals each Plan Year (exclusive of any distribution during the Plan Year pursuant to Section 8.1(b)), and (2) alter investment elections in accordance with the rules of Article V. Any request for withdrawal must be in writing and must be filed with the Plan Administrator in accordance with Article IX. (iii) In the case of a Participant who has a Money Purchase Account, all distributions made pursuant to paragraphs (i) and (ii) above shall be subject to the notice and spousal consent requirements of Section 401(a)(9) of the Code Sections 8.6 and the proposed regulations thereunder8.