Common use of Beneficiary Methods Clause in Contracts

Beneficiary Methods. If the Plan is subject to Section 6.04, a surviving spouse Beneficiary may receive a QPSA. However, a surviving spouse Beneficiary may elect to waive the QPSA in favor of another Beneficiary distribution method the Plan permits. See Section 6.04(B)(5). The balance of this paragraph shall apply after a Participant's death in all other situations, except to the extent the Employer makes a contrary election in Appendix B. The Lump-Sum method shall apply to distributions to the beneficiary if (a) the only distribution option available for Participants is a Lump-Sum distribution, or (b) the Employer elects in the Adoption Agreement to require distribution to the Beneficiary as soon as practical after the Participant dies or on or before the end of the year following the year of the Participant's death. Otherwise, (i) a Beneficiary may elect to receive a distribution either as a Lump-Sum or in Installments, (ii) if the Plan permits Partial Distributions to Participants (in general or for RMDs) the Beneficiary may elect to receive Partial Distributions, and (iii) any Installments or Partial Distributions in a DCY must be at least equal to the RMD for the DCY. See Sections 6.02(B)(1)(e) and 6.02

Beneficiary Methods. If the Plan is subject to Section 6.04, a surviving spouse Beneficiary may receive a QPSA. However, a surviving spouse Beneficiary may elect to waive the QPSA in favor of another Beneficiary distribution method the Plan permits. See Section 6.04(B)(5). The balance of this paragraph shall apply after a Participant's death in all other situations, except to the extent the Employer makes a contrary election in Appendix B. The Lump-Sum method shall apply to distributions to the beneficiary if (a) If the only distribution option available for Participants is a Lump-Sum lump sum distribution, or (b) the Employer elects in the Adoption Agreement to require immediate distribution to the Beneficiary as soon as practical after of the Participant dies or distribution on or before the end of the year following the year of the Participant's death, then the Lump‑Sum method shall apply to distributions to the beneficiary. Otherwise, (i) a Beneficiary may elect to receive a distribution either as a Lump-Sum Lump‑Sum or in Installments, (ii) if the Plan permits Partial Distributions Ad‑Hoc distributions to Participants (in general or for RMDs) the Beneficiary may elect to receive Partial DistributionsAd‑Hoc distributions, and (iii) any Installments or Partial Distributions Ad‑Hoc distributions in a DCY must be at least equal to the RMD for the DCY. See Sections 6.02(B)(1)(e) and 6.02