Common use of Automatic Distribution Date Clause in Contracts

Automatic Distribution Date. The date on which the distribution of a Participant’s Plan benefit must commence is (check one): X The latest date permitted under Code section 401(a)(9) □ 60 days after the close of the Plan Year in which a Participant’s Severance Event occurs □ Age 70½ □ Age 65 □ Age 62 □ Age 60 □ Age 55 □ Other (please specify): Note: Regardless of the election made in this Item 20, the Automatic Distribution Date will not apply to a Participant until he or she either (1) attains age 70½ and/or (2) has a Severance Event. In addition, the date selected as an Automatic Distribution Date may not be later than the latest date permitted under Code section 401(a)(9) and regulations promulgated thereunder.