Retirement Distributions Sample Clauses

Retirement Distributions. (1) NORMAL RETIREMENT AGE (PLAN SECTION 7.1). Normal retirement age will be the later of 65 (not over age 65) or _____ (not more than 5) years of participation in the Plan. (2) EARLY RETIREMENT (PLAN SECTION 7.1). Select one: / / (a) No early retirement will be permitted. /X/ (b) Early retirement will be permitted at age 55. / / (c) Early retirement will be permitted at age ___ with at least _____ Years of Service. (3) ANNUITIES (PLAN SECTION 9.3). Will your Plan permit distributions in the form of a life annuity? YOU MUST CHECK YES if this Plan replaces or serves as a transferee plan for an existing Plan that permits distributions in a life annuity form. / / (a) Yes /X/ (b) No
Sample 1
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Retirement Distributions. Normal retirement age is age 65. A participant may elect early retirement on or after age 55 and completion of 7 years of service. A participant may receive or commence distribution of his or her account at retirement. In-service distributions are permitted at age 59-1/2. The 401(k) Plan also permits loans and hardship distributions. Distribution may be made in the form of cash lump sums or other options permitted under the 401(k) Plan.
Sample 1
Retirement Distributions. Shortly before severance from employment, or attainment of age 70½, whichever occurs first (but not later than the date prescribed in the applicable regulations under Code section 457), a participant shall select whether benefits shall be paid in a lump sum, or in annual installments over a period not less than 5 years and not more than 15 years. If no such election is made, benefits will be paid in annual installments over 15 years. Except as provided by Section 8, both lump sum payments and the first installment payment will be made no later than 90 days after the date that the participant severed from employment, or attained age 70½ (whichever is applicable). Subsequent installment payments will be made annually by the end of the calendar quarter in which the anniversary of the date on which the participant severed from employment, or attained age 70½ (which is applicable) occurs. Once an election has been made and payments have started, the participant cannot change the form or timing of the payments, except where payments are permitted under section 10 of this agreement. The Employer shall reduce the amount of any distribution by any taxes withheld pursuant to federal, state, or local law. Notwithstanding any provision of the Plan to the contrary, payments to a participant shall be made in compliance with the requirements of Code sections 401(a)(9) and 457(d) and applicable regulations thereunder.
Sample 1
Retirement Distributions. (1) NORMAL RETIREMENT AGE (PLAN SECTION 7.1). Normal retirement age will be the later of ______ (not over age 65) or ______ (not more than 5) years of participation in the Plan. (2) EARLY RETIREMENT (PLAN SECTION 7.1). Select one: [ ] (a) No early retirement will be permitted. [ ] (b) Early retirement will be permitted at age ___. [ ] (c) Early retirement will be permitted at age ___ with at least ___ Years of Service. (3) ANNUITIES (PLAN SECTION 9.3). Will your Plan permit distributions in the form of a life annuity? You must check Yes if this Plan replaces or serves as a transferee plan for an existing Plan that permits distributions in a life annuity form. [ ] (a) Yes [ ] (b) No
Sample 1
Retirement Distributions. If a Participant's Normal or Early Retirement Date should occur prior to the termination of his employment with the Employer, all amounts then credited to such Participant's Account shall become 100% vested regardless of the number of the Participant's Years of
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Retirement Distributions. Pre-Retirement distributions are permitted for all contribution sources at age 59 ½ and a minimum of $1,000. Distributions from rollover contributions ONLY are allowed at any time.
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Retirement Distributions. (1) Normal Retirement Age (Plan Section 7.1). Normal retirement age ---------------------------------------- will be the later of 59 1/2 (not over age 65) or _____ (not more ------ than 5) years of participation in the Plan.
Sample 1
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Retirement Distributions. Depending upon the payment option elected, benefits shall commence under this Plan upon either separation from service, or attainment of age 70½. Benefits shall be paid in a lump sum or in annual installments over a period of not less than 5 years and not more than 15 years, depending on the payment schedule selected by the participant as stated in the Agreement. If the Agreement does not state a payment schedule, benefits will be paid in annual installments over 15 years. Both lump sum payments and the first installment payment will be made no later than 90 days after the date the participant separated from service, or attained age 70½ (whichever is applicable). Subsequent installment payments will be made annually following the end of the calendar quarter in which the anniversary of the date on which the participant separated from service, or attained age 70½ (whichever is applicable) occurs. Once an election has been made and payments have commenced, the participant cannot change the form or timing of the payments, except where payments are permitted under Section 8 of this agreement. The Employer shall be responsible for the payment of any taxes pursuant to federal, state, or local laws.
Sample 1
Retirement Distributions 
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Related to Retirement Distributions

  • Interim Distributions At such times as may be determined by it in its sole discretion, the Trustee shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Trust Units held by each Beneficiary relating to the Trust, such cash or other property comprising a portion of the Trust Assets as the Trustee may in its sole discretion determine may be distributed without detriment to the conservation and protection of the Trust Assets in the Trust.

  • Qualified Reservist Distributions If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax.

  • Special Distributions In case the Company shall fix a record date for the making of a distribution to all holders of shares of Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the surviving corporation) or evidences of indebtedness or assets (other than dividends and distributions referred to in Sections 4(c) and 4(d) above and other than cash dividends) or of subscription rights, options, warrants, or exchangeable or convertible securities containing the right to subscribe for or purchase shares of any class of equity securities of the Company (excluding those referred to in Section 4(e) above), the Warrant Price to be in effect on and after such record date shall be adjusted by multiplying the Warrant Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the fair market value per share of Common Stock on such record date, less the fair value (as determined by the Board of Directors of the Company in good faith as set forth in a duly adopted board resolution certified by the Company's Secretary or Assistant Secretary) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights, options, warrants, or exchangeable or convertible securities applicable to one (1) share of the Common Stock outstanding as of such record date, and (ii) the denominator of which shall be such fair market value per share of Common Stock. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Warrant Price shall again be adjusted to be the Warrant Price which would then be in effect if such record date had not been fixed, but such subsequent adjustment shall not affect the number of Warrant Shares issued upon any exercise of this Warrant prior to the date such subsequent adjustment was made.

  • Final Distributions Upon the winding up of the LLC, the assets must be distributed as follows: (a) to the LLC creditors; (b) to Members in satisfaction of liabilities for distributions; and (c) to Members first for the return of their contributions and secondly respecting their LLC interest, in the proportions in which the Members share in profits and losses.

  • Liquidating Distributions Notwithstanding anything to the contrary in this Article VII or in Section 8.3 of the Master Agreement, upon the sale of the Property or the dissolution and liquidation of the Series in accordance with the provisions of this Agreement and of Section 8.3 of the Master Agreement, the proceeds of liquidation of the Series or the sale of the Property will be distributed within ninety (90) days of the date of sale of the Property or the dissolution and liquidation in the following order and priority: (i) First, to creditors of the Series, including the Members who are creditors, to the extent otherwise permitted by law, in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of all debts, liabilities, obligations and expenses of the Series, including, without limitation, the expenses incurred in connection with the liquidation of the Series; and (ii) Second, to the Members pro rata in proportion to their holdings of Shares, with such Distributions to be made by the end of the Fiscal Year during which the liquidation occurs (or, if later, ninety (90) days after the date of the liquidation).

  • Other Distributions In case the Company shall fix a record date for the making of a distribution to all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 13(A)), in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed.

  • Operating Distributions Subject to Section 5.2, the Company shall from time to time distribute to the Member such amounts in cash and other assets as shall be determined by the Member.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • No Distributions Make any Distribution except Permitted Distributions.

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