Section 409A Amounts Clause Samples

Section 409A Amounts. With respect to Section 409A Amounts, a Member will be permitted to change the time and form of payment if such change meets the following requirements: (i) A Member may change the time and form of payment for any Section 409A Amounts (based on the choices available under Section 6.05(2)) by filing a new election form with the Committee; provided that such change meets the following requirements: (A) the subsequent election may not take effect until at least 12 months after the date on which such election is made; (B) the payment with respect to which such election is made must be deferred (other than a distribution upon death or Disability) for a period of not less than five years from the date such payment would otherwise have been paid; and (C) any subsequent election affecting a distribution at a specified time (or pursuant to a fixed schedule) may not be made less than 12 months before the date the payment is scheduled to be paid. A subsequent election may be changed at any time before the last permissible date for making such election, as described in this Section 6.05(3)(c). (ii) Once the distribution of an Account begins, no changes to the Member’s benefit form will be permitted.