PRE-RETIREMENT DISTRIBUTION Clause Samples
The Pre-Retirement Distribution clause allows participants in a retirement plan to withdraw a portion of their vested benefits before reaching the plan’s normal retirement age. Typically, this clause outlines the specific conditions under which such early distributions are permitted, such as financial hardship, reaching a certain age, or meeting other qualifying events. Its core practical function is to provide flexibility for plan participants who may need access to their retirement funds prior to retirement, addressing unforeseen financial needs while maintaining compliance with plan rules and relevant regulations.
PRE-RETIREMENT DISTRIBUTION. Any participant who remains in the employ of the Company may request a distribution of stock allocated to his or her account as of the end of any quarter next following the expiration of eighty-four (84) months following the month in which the stock was allocated to the account, but not more often than once within any twelve (12) month period. Requests for distribution must be in writing, filed with the Administrative Committee at least fifteen (15) days prior to the end of any such quarter. Distribution shall be made to such participant as soon as practicable following the end of the quarter in which the request is made. However, distributions pursuant to this Paragraph may not be made to an individual who is an alternate payee under a Quali-fied Domestic Relations Order and for whom an account is being separately maintained.
PRE-RETIREMENT DISTRIBUTION. At such time as a Participant shall have attained the age of 59 1/2 years, the Administrator, at the election of the Participant, shall direct the Trustee to distribute all or a portion of the amount then credited to the accounts maintained on behalf of the Participant. However, no distribution from the Participant's Account shall occur prior to 100% vesting. In the event that the Administrator makes such a distribution, the Participant shall continue to be eligible to participate in the Plan on the same basis as any other Employee. Any distribution made pursuant to this Section shall be made in a manner consistent with Section 6.5, including, but not limited to, all notice and consent requirements of Code Sections 417 and 411 (a) (11) and the Regulations thereunder. Notwithstanding the above, pre-retirement distributions from a Participant's Elective Account shall not be permitted prior to the Participant attaining age 59 1/2 except as otherwise permitted under the terms of the Plan.
PRE-RETIREMENT DISTRIBUTION. At such time as a Participant shall have attained the age of 59 1/2 years, the Administrator, at the election of the Participant, shall direct the Trustee to distribute all or a portion of the amount then credited to the Participant's Elective Contribution, Matching Contribution, and Rollover Accounts maintained on behalf of the Participant. However, no distribution from these Participant Accounts shall occur prior to 100% vesting. In the event that the Administrator makes such a distribution, the Participant shall continue to be eligible to participate in the Plan on the same basis as any other Employee. Any distribution made pursuant to this Section shall be made in a manner consistent with Section 6.3, including, but not limited to, all notice and consent requirements of Code Section 411(a)(11) and the Regulations thereunder. Notwithstanding the above, pre-retirement distributions from a Participant's Elective Contribution and Rollover Accounts shall not be permitted prior to the Participant attaining age 59 1/2 except as otherwise permitted under the terms of the Plan.
PRE-RETIREMENT DISTRIBUTION. After a Participant attains the age of 65 years or has made Deferred Compensation contributions to the Plan for at least five (5) years, the Participant, until he/she retires, has a continuing election to receive all or any portion of Vested Participant’s Account Balance, but excluding any portion of the Participant’s Account Balance attributable to Deferred Compensation. A Participant who has made Deferred Compensation contributions to the Plan for less than five (5) years, until he/she retires, has a continuing election to receive all or any portion of his/her Vested Participant’s Account Balance that has been contributed to the Plan more than two (2) Plan Years prior to the withdrawal, but excluding any portion of the Participant’s Account Balance attributable to Deferred Compensation. A Participant only may make one withdrawal pursuant to this Section 7.13 per Plan Year.