Common use of Restrictions On Immediate Distributions Clause in Contracts

Restrictions On Immediate Distributions. The Plan Administrator shall notify the Participant and the Participant's spouse of the right to defer any distribution until the Participant's account balance in the Plan is no longer immediately distributable. Such notification shall include a general description of the material features and an explanation of the relative values of the optional forms of benefit available under the Plan in a manner that would satisfy the notice requirements of Section 417(a)(3) of the Code and shall be provided no less than 30 days and no more than 90 days prior to the annuity starting date. Notwithstanding the foregoing, only the Participant need consent to the commencement of a distribution in the form of a qualified joint and survivor annuity while the Participant's account balance in the Plan is immediately distributable. Furthermore, if payment in the form of a qualified joint and survivor annuity is not required with respect to the Participant pursuant to the Plan, only the Participant need consent to the distribution of an account balance that is immediately distributable. The Participant's account balance is immediately distributable if any part of the Participant's account balance could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of age 62 or the Normal Retirement Age.

Restrictions On Immediate Distributions. The Plan Administrator shall notify the Participant and the Participant's spouse of the right to defer any distribution until the Participant's account Account balance in the Plan is no longer immediately distributable. Such notification shall include a general description of the material features and an explanation of the relative values of the optional forms of benefit available under the Plan in a manner that would satisfy the notice requirements of Section section 417(a)(3) of the Code and shall be provided no less than 30 days and no more than 90 days prior to the annuity starting dateAnnuity Starting Date. Notwithstanding the foregoing, only the Participant need consent to the commencement of a distribution in the form of a qualified joint Qualified Joint and survivor annuity Survivor Annuity while the Participant's account Account balance in the Plan is immediately distributable. Furthermore, if payment in the form of a qualified joint Qualified Joint and survivor annuity Survivor Annuity is not required with respect to the Participant pursuant to the Plan, only the Participant need consent to the distribution of an account Account balance that is immediately distributable. The Participant's account Account balance is immediately distributable if any part of the Participant's account Account balance could be distributed to the Participant (or surviving spouse) before the Participant attains (or would have attained if not deceased) the later of age 62 or the Normal Retirement Age.. Such distribution may commence less than 30 days after the notice required under section 1.411(a)-11(c) of the Income Tax regulations is given, provided that: