Common use of PARTICIPANT ELECTIONS AFTER TERMINATION OF EMPLOYMENT Clause in Contracts

PARTICIPANT ELECTIONS AFTER TERMINATION OF EMPLOYMENT. If the present value of a Participant's Nonforfeitable Accrued Benefit exceeds $5,000, he may elect to have the Trustee commence distribution as of any distribution date, but not earlier than the first annual distribution date after the close of the Plan Year in which the Participant's Separation from Service occurs. The Participant may reconsider an election at any time prior to the annuity starting date and elect to commence distribution as of any later annual or quarterly distribution date after the last day of the Plan Year in which his Separation from Service occurred, or as soon as administratively practicable thereafter. In the case of (i) a Participant who has attained age 55 on or before the date of his Separation from Service, or (ii) a Participant whose Separation from Service occurs because of his disability, the Participant, in addition to the benefit payment elections provided for in the first two sentences of this Section 6.03(A), shall have the right to elect to have the Trustee commence distribution as of any annual or quarterly distribution date after the end of the calendar quarter in which his Separation from Service occurs, or as soon as administratively practicable thereafter. A Participant who has separated from Service may elect distribution as of any annual or quarterly distribution date after the last day of the Plan Year in which his Separation from Service occurred, or as soon as administratively practicable thereafter, irrespective of the restrictions otherwise applicable under this Section 6.03(A). If the Participant is partially vested in his Accrued Benefit, an election under this Section 6.03(A) to distribute prior to the Participant's incurring a Forfeiture Break in Service (as defined in Section 5.08), must be in the form of a cash-out distribution (as defined in Article V). A Participant may not receive a cash-out distribution if, prior to the time the Trustee actually makes the cash-out distribution, the Participant returns to employment with an Employer.

PARTICIPANT ELECTIONS AFTER TERMINATION OF EMPLOYMENT. If the present value of a Participant's Nonforfeitable Accrued Benefit exceeds $5,000, he may elect to have the Trustee commence distribution as of any annual or quarterly distribution date, but not earlier than the first annual distribution date after the close of the Plan Year in which the Participant's Separation from Service occurs. The Participant may reconsider an election at any time prior to the annuity starting date and elect to commence distribution as of any later annual or quarterly distribution date after the end of any subsequent calendar quarter after the last day of the Plan Year in which his Separation from Service occurred, or as soon as administratively practicable thereafter. In the case of (i) a Participant who has attained age 55 on or before the date of his Separation from Service, or (ii) a Participant whose Separation from Service occurs because of his disability, the Participant, in addition to the benefit payment elections provided for in the first two sentences of this Section 6.03(A), shall have the right to elect to have the Trustee commence distribution as of any annual or quarterly distribution date after the end of the calendar quarter in which his Separation from Service occurs, or as soon as administratively practicable thereafter. A Participant who has separated from Service may elect distribution as of any annual or quarterly distribution date after the last day of the Plan Year in which his Separation from Service occurred, or as soon as administratively practicable thereafter, irrespective of the restrictions otherwise applicable under this Section 6.03(A). If the Participant is partially vested in his Accrued Benefit, an election under this Section 6.03(Aparagraph (A) to distribute prior to the Participant's incurring a Forfeiture Break in Service (as defined in Section 5.08), must be in the form of a cash-out distribution (as defined in Article V). A Participant may not receive a cash-out distribution if, prior to the time the Trustee actually makes the cash-out distribution, the Participant returns to employment with an Employer.