Common use of Special Distribution Rules Clause in Contracts

Special Distribution Rules. Except as provided in the Adoption Agreement, Elective Deferrals, Qualified Nonelective Contributions, Qualified Matching Contributions and income allocable thereto are not distributable to the Participant, or the Participant's Beneficiary, in accordance with the Participant's or Beneficiary's election, earlier than upon separation from service, death, or Total and Permanent Disability. Distribution (if elected in the Adoption Agreement) upon termination of the Plan without the establishment or maintenance of a successor plan, the Employer's sale of substantially all of the assets of a trade or business or the sale of the Employer's interest in a subsidiary may only be made, after March 31, 1988, in a lump sum distribution within the meaning of section 401(k)(10)(B) of the Code. Unless the Plan is a Profit Sharing Plan exempt from the Automatic Annuity rules of Section 8.2 pursuant to Section 8.3, all distributions that may be made pursuant to one or more of the foregoing distributable events are subject to the spousal and Participant consent requirements contained in sections 401(a)(11) and 417 of the Code.