Common use of Required Distribution Clause in Contracts

Required Distribution. Notwithstanding anything herein to the contrary, unless the Participant has made an appropriate election by December 31, 1983 to defer distribution which has not been revoked or modified, the Participant's benefit shall be distributed to the Participant not later than April 1 of the calendar year following the calendar year in which he attains age 70-1/2 (the required beginning date) or shall be distributed, commencing not later than April 1 of such calendar year in accordance with regulations prescribed by the Secretary of the Treasury over a period not extending beyond the life expectancy of the Participant or the life expectancy of the Participant and a beneficiary designated by the Participant. 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 Participant's benefit by the applicable life expectancy. Unless otherwise elected by the Participant (or spouse, if distributions begin after death and the spouse is the designated beneficiary) by the time distributions are required to begin, the life expectancy of the Participant and the Participant's spouse shall be recalculated annually. Other than for a life annuity, such election shall be irrevocable as to the Participant or spouse and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Life expectancy and joint and last survivor expectancy shall be computed by use of the expected return multiples in Tables V and VI of Section 1.72-9 of the Treasury Regulations. 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 Participant's benefit by the lesser of (1) the applicable life expectancy or (2) if the Participant's spouse is not the designated beneficiary, the applicable divisor then 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 Participant shall be distributed using the applicable life expectancy as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. The minimum distribution for subsequent calendar years, including the minimum distribution for the distribution calendar year in which the Participant's required beginning date occurs, must be made on or before December 31 of that distribution calendar year.

Required Distribution. Unless the Participant elects otherwise, distribution of his Accrued Benefit shall commence no later than 60 days after the close of the Plan Year in which the latest of the following occurs: (i) the Participant attains Normal Retirement Age, (ii) the tenth anniversary of the Participant’s commencement of participation in the Pension Plan and (iii) the Participant’s Termination Date. Notwithstanding anything herein the immediately preceding paragraph and any provision of the Pension Plan to the contrary, unless and except with respect to distributions made pursuant to an election filed by a Participant prior to January 1, 1983, all distributions under the Participant has made an appropriate election by December 31, 1983 to defer distribution which has not been revoked or modified, the Participant's benefit Pension Plan shall be distributed to made in accordance with the requirements of section 401(a)(9) of the Code and the regulations thereunder, including the incidental death benefit requirements of Treasury Regulation section 1.401(a)(9)(G). The provisions of this Section 7.4 shall override any distribution options under the Pension Plan if inconsistent with the requirements of section 401(a)(9) of the Code. A Participant not who is a 5% owner (as defined in section 416 of the Code) of the Company or an Affiliated Employer who attains age 70½ shall receive or commence receiving benefits no later than the April 1 following the end of the calendar year in which he attains age 70½. A Participant who is not a 5% owner and who attains age 70½ shall be eligible, but not required, to commence receiving benefits on the April 1 of the calendar year following the calendar year in which he such Participant attains age 70-1/2 (the required beginning date) 70½; provided, however, that such Participant shall receive or shall be distributed, commencing not commence receiving benefits no later than the April 1 following the end of such the calendar year in accordance with regulations prescribed by the Secretary which he retires. Upon such Participant’s late retirement, his Accrued Benefit shall be calculated using service until his Late Retirement Date, actuarially increased to satisfy section 401(a)(9) of the Treasury Code, with an offset for any benefit payments previously received. If a Participant dies before his Benefit Commencement Date, such Participant’s interest shall be distributed to his Surviving Spouse or Beneficiary over the life of the Surviving Spouse or Beneficiary (or over a period certain, not extending beyond the life expectancy of the Participant Surviving Spouse or Beneficiary), commencing not later than the life expectancy end of the Participant and a beneficiary designated by the Participant. 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 Participant's benefit by the applicable life expectancy. Unless otherwise elected by the Participant (or spouse, if distributions begin after death and the spouse is the designated beneficiary) by the time distributions are required to begin, the life expectancy of the Participant and the Participant's spouse shall be recalculated annually. Other than for a life annuity, such election shall be irrevocable as to the Participant or spouse and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Life expectancy and joint and last survivor expectancy shall be computed by use of the expected return multiples in Tables V and VI of Section 1.72-9 of the Treasury Regulations. 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 following the quotient obtained by dividing the Participant's benefit by the lesser of (1) the applicable life expectancy or (2) if the Participant's spouse is not the designated beneficiary, the applicable divisor then 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 Participant shall be distributed using the applicable life expectancy as the relevant divisor without regard to Proposed Regulations Section 1.401(a)(9)-2. The minimum distribution for subsequent calendar years, including the minimum distribution for the distribution calendar year in which the Participant died or, in the case where the Participant's required beginning ’s Surviving Spouse is the sole Beneficiary, commencing not later than the end of the calendar year following the calendar year in which the Participant would have attained age 70½. If a Participant dies after his Benefit Commencement Date and before his entire interest has been distributed to him, payments to the Participant’s Beneficiary or Surviving Spouse shall continue no less rapidly than the rate at which payments were being made at the date occurs, must be made on or before December 31 of that distribution calendar yearthe Participant’s death.