Optional Forms of Distribution Sample Clauses

Optional Forms of Distribution. Provided that the Employer has so elected in the Plan Agreement, if at the time a Participant first becomes entitled to a distribution the value of his vested Account balance derived from Employer and Employee contributions does not exceed $3,500, distribution shall be made in a lump sum in cash. Subject to the preceding sentence and to the rules of Article 10 concerning joint and survivor annuities, a Participant or Beneficiary may elect to receive benefits in any of the following optional forms: (a) A lump sum payment. If a Participant's Accounts are invested in Employer Stock, a lump sum payment may be made in cash or in Employer Stock or in a combination of both; (b) A series of installments over a period certain that meets the requirements of Article 11; (c) A nontransferable annuity contract, purchased by the Plan Administrator from a commercial provider, with terms complying with the requirements of Article 11; provided, however, that an annuity for the life of any person shall be available as an optional form of distribution only if the Employer has so elected in the Plan Agreement; or (d) In the event that the Plan is adopted as an amendment to an existing plan, any optional form of distribution available under the existing plan. Such optional forms of distribution may be made available where necessary through the purchase by the Plan Administrator of an appropriate annuity contract in accordance with paragraph (c). If the Plan is a direct or indirect transferee of a defined benefit plan, money purchase plan, target benefit plan, stock bonus plan, or profit sharing plan which is subject to the survivor annuity requirements of Sections 401(a)(11) and 417 of the Code, the provisions of Article 10 shall apply.
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Optional Forms of Distribution. If elected by the Sponsoring Employer in the Adoption Agreement, then a Participant may waive the Normal Form of Distribution and elect to have his or her benefit distributed in an Optional Form of Distribution. The permitted Optional Forms of Distribution are (1) a lump sum payment; (2) Substantially Equal monthly, quarterly, semi-annual or annual cash installment payments over a period certain which does not extend beyond the life of the Participant, the joint lives of the Participant and a designated Beneficiary, or a period certain not extending beyond the life expectancy of the Participant and a designated Beneficiary. If an Optional Form of Distribution is Substantially Equal installment payments, then the lump sum value of the Participant’s benefit either may be segregated and separately invested and the Substantially Equal installments will be paid from the Plan; may remain invested in the Trust’s assets and the Substantially Equal installments will be paid from the Plan; or may be used to purchase a nontransferable immediate or deferred annuity that is selected by the Employer and that complies with the terms of the Plan from an insurance company to provide for such Substantially Equal installments; (3) a non-transferable annuity which can be purchased from an insurance company and which complies with the terms of the Plan; and/or (4) in designated sums from time to time as elected by the Participant. All Optional Forms of Distribution that are elected by the Sponsoring Employer in the Adoption Agreement are available on a non-discriminatory basis and are not subject to the Administrator’s discretion.
Optional Forms of Distribution. If the Participant’s request for a distribution from the Account is approved or authorized, the Participant may elect to have the distribution from the Account made in one or a combination of the following forms, subject to the requirements of Articles 5.3 and 5.4 of this Appendix: (a) Single-sum payment; (b) Monthly, quarterly, semiannual, or annual installments; or (c) By the purchase and distribution of an annuity contract from an insurance company designated by the Participant or Plan Administrator providing for fixed or variable annuity payments over the life of the Participant, or the lives of the Participant and his or her spouse (or over a period not extending beyond the life expectancy of the Participant or the joint and last survivor life expectancy of the Participant and his or her spouse).
Optional Forms of Distribution. All distributions required under this subsection shall be determined and made in accordance with the Income Tax Regulations under Code Section 401(a)(9), including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of such Regulations.
Optional Forms of Distribution. Effective as of January 1, 2008, the optional forms of retirement benefit include a single life annuity with a certain period of ten years with survivorship percentages of 60, 75, and 100 percent. The single life annuity with modified cash refund of the Participant’s Required Contribution Account is hereby deleted for participants who retire after September 1, 2008. The benefit payable on any optional annuity form available (other than the Normal Form) shall be the Actuarial Equivalent of the Normal Form. Election of an optional form is subject to the qualified election provisions of Article VI. Any form of distribution for a retirement benefit must meet the following limitations: (a) The Contingent Annuitant shall be the Participant’s spouse or, on the date benefit payments are to commence, the Present Value of the amount to be paid to the Participant while living shall be greater than 50 percent of the total benefit to be paid to the Participant and the Beneficiary or, if applicable, the Contingent Annuitant. (b) An interest only optional form is not available. (c) The entire interest of the Participant shall be distributed either (1) over the life of the Participant or over the lives of the Participant and an individual named as his Beneficiary or Contingent annuitant or (2) over a period not extending beyond the life expectancy of the Participant or the life expectancies of the Participant and such named Beneficiary. (d) If the Participant dies after benefit payments begin and before his entire interest has been distributed, the form of distribution in effect before his death may continue unchanged. If the form of distribution is changed, the Participant’s remaining interest shall be distributed at least as rapidly as under the form of distribution in effect before the Participant died. The optional forms of death benefit are any annuity that is an optional form of retirement benefit. The optional forms of death benefit from the Participant’s Account shall also include a single sum payment. If the Participant dies before beginning to receive a distribution of his retirement benefits, any form of distribution for a death benefit must meet the following limitations. (a) If the Participant did not name an individual as his Beneficiary to receive any death benefit payable under the Death Benefits Section of Article V, such death benefit shall be distributed within five years of the Participant’s death. (b) If the Participant named an individual as Benefici...
Optional Forms of Distribution. If the Participant’s request for a distribution from the Account is approved or authorized, the Participant may elect to have the distribution from the Account made in one or a combination of the following forms, subject to the requirements of Articles 5.3 and 5.4 of this Appendix: (a) Single-sum payment; or (b) Monthly, quarterly, semiannual, or annual installments
Optional Forms of Distribution. On and after the date on which the Sponsor elects to treat the Plan and the Quanex Corporation Salaried Employees' Pension Plan as one plan for purposes of section 410(b) of the Code, all of the optional forms of payment available under the Quanex Corporation Salaried Employees' Pension Plan (as discussed more fully in Appendix E hereto) will be available under the Plan. However, until July 1, 1999, this Section 5.11 shall not apply to a Participant who was a participant in the Decatur Plan.
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Optional Forms of Distribution. All distributions required under this subsection shall be determined and made in accordance with the Income Tax Regulations under Code Section 401(a)(9), including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of such Regulations. (i) Amounts payable to a Participant shall be distributed in one of the following forms as elected by the Participant, with spousal consent, as applicable: (A) a lump sum; or (B) installments over a period certain not to exceed the life expectancy of the Participant or the joint life expectancy of the Participant and his Beneficiary. Such election shall be made in writing and in such form as shall be acceptable to the Administrator. If the Participant fails to elect any of the methods of distribution described above within the time specified for such election, the Administrator shall distribute the Participant's Account in the form of a single sum cash payment by the April 1 following the calendar year in which the Participant attains age seventy and one-half (70-1/2). (ii) If a Participant's benefit is to be distributed in installment payments under (B) above, the amount distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the applicable life expectancy. The life expectancy (or joint and last survivor expectancy) is calculated using the attained age of the Participant (or Beneficiary) as of the Participant's (or Beneficiary's) birthday in the applicable calendar year reduced by one for each calendar year which has elapsed since the date life expectancy was first calculated. If life expectancy is being recalculated, the applicable life expectancy shall be the life expectancy as so recalculated. The applicable calendar year shall be the first distribution calendar year, and, if life expectancy is being recalculated, such succeeding calendar year. Unless otherwise elected by the Participant (or the Participant's spouse) by the time distributions are required to begin, life expectancies shall be recalculated annually. Such election shall be irrevocable as to the Participant (or spouse) and shall apply to all subsequent years. The life expectancy of a nonspouse Beneficiary may not be recalculated. Life expectancy and joint life expectancy are computed by use of the expected return multiples in Tables V and VI of Section 1.72-9 of the Income Tax Regulations. Notwith...
Optional Forms of Distribution. The Advisory Committee ------------------------------ shall direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit under one of the optional forms of distribution permitted under this Section, subject to the requirements, of Section 10.
Optional Forms of Distribution. Subject to Section 7.1(b), upon written request to the Committee made at the time and in the manner prescribed in Section 7.2, a Participant may elect to receive the distribution of his Accrued Benefit under the Pension Plan in one of the following optional forms that is the Actuarial Equivalent of such Accrued Benefit:
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