Time of Distribution. (i) The Member’s entire Vested Interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date. Except as described in (ii) below, the Required Beginning Date of a Member who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member shall be the April 1 of the calendar year following the later of (A) the calendar year he terminates employment or (B) the calendar year he attains age 70½ . (ii) If the Member dies before distributions begin, the Member’s entire Vested Interest will be distributed, or begin to be distributed, no later than as follows: (A) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 Member died, or by December 31 of the calendar year in which the Member would have attained age 70½, if later. (B) If the Member’s surviving Spouse is not the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died. (C) If there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, the Member’s entire Vested Interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death. (D) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this Section 6.6(2)(c)(ii), other than subparagraph (A), will apply as if the surviving Spouse were the Member. (iii) For purposes of this Section, unless subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the Member’s Required Beginning Date. If subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (A) of Section 6.6(2)(c)(ii). (iv) Notwithstanding the foregoing, if a Member dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member or the Beneficiary elects, on an individual basis, that the Member’s entire Vested Interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Member’s death; provided, however, that if the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to either the Member of the surviving Spouse begin, this election will apply as if the surviving Spouse were the Member. The 104 election provided in this Section 6.6(2)(c)(iv) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that contains the fifth anniversary of the Member’s (or, if applicable, surviving Xxxxxx’s) death.
Appears in 1 contract
Samples: Employee Savings Plan (Lincoln Electric Holdings Inc)
Time of Distribution. (i) The Member’s entire Vested Interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date. Except as described in (ii) below, the Required Beginning Date of a Member who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member shall be the April 1 of the calendar year following the later of (A) the calendar year he terminates employment or (B) the calendar year he attains age 70½ .70½.
(ii) If the Member dies before distributions begin, the Member’s entire Vested Interest will be distributed, or begin to be distributed, no later than as follows:
(A) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 Member died, or by December 31 of the calendar year in which the Member would have attained age 70½, if later.
(B) If the Member’s surviving Spouse is not the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died.
(C) If there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, the Member’s entire Vested Interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death.
(D) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this Section 6.6(2)(c)(ii), other than subparagraph (A), will apply as if the surviving Spouse were the Member.
(iii) For purposes of this Section, unless subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the Member’s Required Beginning Date. If subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (A) of Section 6.6(2)(c)(ii).
(iv) Notwithstanding the foregoing, if a Member dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member or the Beneficiary elects, on an individual basis, that the Member’s entire Vested Interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Member’s death; provided, however, that if the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to either the Member of the surviving Spouse begin, this election will apply as if the surviving Spouse were the Member. The 104 election provided in this Section 6.6(2)(c)(iv) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that contains the fifth anniversary of the Member’s (or, if applicable, surviving XxxxxxSpouse’s) death.
Appears in 1 contract
Samples: Employee Savings Plan (Lincoln Electric Holdings Inc)
Time of Distribution. (i) The Member’s entire Vested Interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date. Except as described in (ii) below, the Required Beginning Date of a Member who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member shall be the April 1 of the calendar year following the later of (A) the calendar year he terminates employment or (B) the calendar year he attains age 70½ .70½.
(ii) If the Member dies before distributions begin, the Member’s entire Vested Interest will be distributed, or begin to be distributed, no later than as follows:
(A) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 -80- NAI-1526973031v4 Member died, or by December 31 of the calendar year in which the Member would have attained age 70½, if later.
(B) If the Member’s surviving Spouse is not the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died.
(C) If there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, the Member’s entire Vested Interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death.
(D) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this Section 6.6(2)(c)(ii), other than subparagraph (A), will apply as if the surviving Spouse were the Member.
(iii) For purposes of this Section, unless subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the Member’s Required Beginning Date. If subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (A) of Section 6.6(2)(c)(ii).
(iv) Notwithstanding the foregoing, if a Member dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member or the Beneficiary elects, on an individual basis, that the Member’s entire Vested Interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Member’s death; provided, however, that if the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to either the Member of the surviving Spouse begin, this election will apply as if the surviving Spouse were the Member. The 104 -81- NAI-1526973031v4 election provided in this Section 6.6(2)(c)(iv) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that contains the fifth anniversary of the Member’s (or, if applicable, surviving Xxxxxx’s) death.
Appears in 1 contract
Samples: Employee Savings Plan (Lincoln Electric Holdings Inc)
Time of Distribution. (ia) The MemberParticipant’s entire Vested Interest vested interest will be distributed, or begin to be distributed, to the Member Participant no later than the MemberParticipant’s Required Beginning Date. Except as described in paragraph (iib) below, the Required Beginning Date of a Member Participant who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member Participant shall be the April 1 of the calendar year following the later of (Ai) the calendar year he terminates employment with the Controlled Group or (Bii) the calendar year he attains age 70½ .70½.
(iib) If the Member Participant dies before distributions begin, the MemberParticipant’s entire Vested Interest vested interest will be distributed, or begin to be distributed, no later than as follows:
(Ai) If the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary, then, unless the election described in paragraph (ivd) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 Member Participant died, or by December 31 of the calendar year in which the Member Participant would have attained age 70½, if later.
(Bii) If the MemberParticipant’s surviving Spouse is not the MemberParticipant’s sole Designated Beneficiary, then, unless the election described in paragraph (ivd) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member Participant died.
(Ciii) If there is no Designated Beneficiary as of September 30 of the year following the year of the MemberParticipant’s death, the MemberParticipant’s entire Vested Interest vested interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the MemberParticipant’s death.
(Div) If the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary and the surviving Spouse dies after the Member Participant, but before distributions a distribution to the surviving Spouse begin, this Section 6.6(2)(c)(iiparagraph (b), other than subparagraph (A)i) above, will apply as if the surviving Spouse were the MemberParticipant.
(iiic) For purposes of this Section, unless subparagraph (Div) of Section 6.6(2)(c)(iiparagraph (b) above applies, distributions are considered to begin on the MemberParticipant’s Required Beginning Date. If subparagraph (Div) of Section 6.6(2)(c)(iiparagraph (b) above applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (Ai) of Section 6.6(2)(c)(ii)paragraph (b) above.
(ivd) Notwithstanding the foregoing, if a Member Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member Participant or the Beneficiary elects, on an individual basis, that the MemberParticipant’s entire Vested Interest vested interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the MemberParticipant’s death; provided, however, that if the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary and the surviving Spouse dies after the Member Participant, but before distributions to either the Member of Participant or the surviving Spouse begin, this election will apply as if the surviving Spouse were the MemberParticipant. The 104 election provided in this Section 6.6(2)(c)(ivparagraph (d) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that which contains the fifth anniversary of the MemberParticipant’s (or, if applicable, surviving XxxxxxSpouse’s) death.
Appears in 1 contract
Samples: Pension & Insurance Agreement
Time of Distribution. (ia) The MemberParticipant’s entire Vested Interest vested interest will be distributed, or begin to be distributed, to the Member Participant no later than the MemberParticipant’s Required Beginning Date. Except as described in paragraph (iib) below, the Required Beginning Date of a Member Participant who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member Participant shall be the April 1 of the calendar year following the later of (Ai) the calendar year he terminates employment with the Controlled Group or (Bii) the calendar year he attains age 70½ .70½.
(iib) If the Member Participant dies before distributions begin, the MemberParticipant’s entire Vested Interest vested interest will be distributed, or begin to be distributed, no later than as follows:
(Ai) If the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary, then, unless the election described in paragraph (ivd) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 Member Participant died, or by December 31 of the calendar year in which the Member Participant would have attained age 70½, if later.
(Bii) If the MemberParticipant’s surviving Spouse is not the MemberParticipant’s sole Designated Beneficiary, then, unless the election described in paragraph (ivd) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member Participant died.
(Ciii) If there is no Designated Beneficiary as of September 30 of the year following the year of the MemberParticipant’s death, the MemberParticipant’s entire Vested Interest vested interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the MemberParticipant’s death.
(Div) If the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary and the surviving Spouse dies after the Member Participant, but before a distributions to the surviving Spouse begin, this Section 6.6(2)(c)(iiparagraph (b), other than subparagraph (A)i) above, will apply as if the surviving Spouse were the MemberParticipant.
(iiic) For purposes of this Section, unless subparagraph (Div) of Section 6.6(2)(c)(iiparagraph (b) above applies, distributions are considered to begin on the MemberParticipant’s Required Beginning Date. If subparagraph (Div) of Section 6.6(2)(c)(iiparagraph (b) above applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (Ai) of Section 6.6(2)(c)(ii)paragraph (b) above.
(ivd) Notwithstanding the foregoing, if a Member Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member Participant or the Beneficiary elects, on an individual basis, that the MemberParticipant’s entire Vested Interest vested interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the MemberParticipant’s death; provided, however, that if the MemberParticipant’s surviving Spouse is the MemberParticipant’s sole Designated Beneficiary and the surviving Spouse dies after the Member Participant, but before distributions to either the Member of Participant or the surviving Spouse begin, this election will apply as if the surviving Spouse were the MemberParticipant. The 104 election provided in this Section 6.6(2)(c)(ivparagraph (d) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that which contains the fifth anniversary of the MemberParticipant’s (or, if applicable, surviving XxxxxxSpouse’s) death.
Appears in 1 contract
Samples: Pension & Insurance Agreement
Time of Distribution. (i) The Member’s entire Vested Interest will be distributed, or begin to be distributed, to the Member no later than the Member’s Required Beginning Date. Except as described in (ii) below, the Required Beginning Date of a Member who is a 5% owner (as defined in section 416 of the Code) shall be the April 1 of the calendar year following the calendar year he attains age 70½ and the Required Beginning Date of any other Member shall be the April 1 of the calendar year following the later of (A) the calendar year he terminates employment or (B) the calendar year he attains age 70½ .70½.
(ii) If the Member dies before distributions begin, the Member’s entire Vested Interest will be distributed, or begin to be distributed, no later than as follows:
(A) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the 103 Member died, or by December 31 of the calendar year in which the Member would have attained age 70½, if later.
(B) If the Member’s surviving Spouse is not the Member’s sole Designated Beneficiary, then, unless the election described in (iv) below is made, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died.
(C) If there is no Designated Beneficiary as of September 30 of the year following the year of the Member’s death, the Member’s entire Vested Interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death.
(D) If the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this Section 6.6(2)(c)(ii), other than subparagraph (A), will apply as if the surviving Spouse were the Member.
(iii) For purposes of this SectionSection 6.6(2), unless subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the Member’s Required Beginning Date. If subparagraph (D) of Section 6.6(2)(c)(ii) applies, distributions are considered to begin on the date distributions are required to begin to the surviving Spouse under subparagraph (A) of Section 6.6(2)(c)(ii).
(iv) Notwithstanding the foregoing, if a Member dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the Required Beginning Date specified above if the Member or the Beneficiary elects, on an individual basis, that the Member’s entire Vested Interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Member’s death; provided, however, that if the Member’s surviving Spouse is the Member’s sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to either the Member of the surviving Spouse begin, this election will apply as if the surviving Spouse were the Member. The 104 election provided in this Section 6.6(2)(c)(iv) must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin, or by September 30 of the calendar year that contains the fifth anniversary of the Member’s (or, if applicable, surviving XxxxxxSpouse’s) death.
Appears in 1 contract
Samples: Employee Savings Plan (Lincoln Electric Holdings Inc)