Common use of Deferred Distribution Clause in Contracts

Deferred Distribution. Except in the case of amounts subject to Section 2.5.2(i) for which a Participant's consent is not required, unless the Employer elects in the Adoption Agreement to permit the Employee to elect earlier commencement and the Employee so elects or the Employee elects to further defer distribution, if the employment of a Participant is terminated by reason of resignation or discharge prior to either his Early Retirement Date or his Normal Retirement Date, distribution of his Distributable Benefit shall be deferred and commenced on the sixtieth (60th) day after the close of the later of the following Plan Years: (i) The Plan Year during which the Participant attains the earlier of age sixty-five (65) or the Normal Retirement Age; (ii) The Plan Year during which the tenth (10th) anniversary of the commencement of the Participant's participation in the Plan occurs; or (iii) The Plan Year during which the Participant terminates service with the Employer. If, however, the Employer selects an Early Retirement Date in the Adoption Agreement, a Participant who terminates employment before satisfying the age requirement for early retirement but has satisfied any service requirement shall be entitled to a distribution of his Distributable Benefit in accordance with Subsection (a) above upon attaining such age.

Deferred Distribution. Except in the case of amounts subject to Section 2.5.2(i2.5.2(h) for which a Participant's consent is not required, unless the Employer elects in the Adoption Agreement to permit the Employee to elect earlier commencement and the Employee so elects or the Employee elects to further defer distribution, if the employment of a Participant is terminated by reason of resignation or discharge prior to either his Early Retirement Date or his Normal Retirement Date, distribution of his Distributable Benefit shall be deferred and commenced on the sixtieth (60th) day after the close of the later of the following Plan Years: (i) The Plan Year during which the Participant attains the earlier of age sixty-five (65) or the Normal Retirement Age; (ii) The Plan Year during which the tenth (10th) anniversary of the commencement of the Participant's participation in the Plan occurs; or (iii) The Plan Year during which the Participant terminates service with the Employer. If, however, the Employer selects an Early Retirement Date in the Adoption Agreement, a Participant who terminates employment before satisfying the age requirement for early retirement but has satisfied any service requirement shall be entitled to a distribution of his Distributable Benefit in accordance with Subsection subsection (a) above upon attaining such age. If distribution is so deferred, unless otherwise determined by the Plan Administrator, the Trustee at the Plan Administrator's direction shall transfer the Distributable Benefit to a Segregated Fund from which distribution shall thereafter be made. Such transfer shall be made as of the Distribution Date. Notwithstanding the foregoing, the failure of a Participant and spouse to consent to a distribution while a benefit is immediately distributable, within the meaning of Section 2.5.2(j), shall be deemed to be an election to defer commencement of payment of any benefit sufficient to satisfy this section.