Common use of Distributable Events Clause in Contracts

Distributable Events. (a) The Participant’s Account shall become payable to him or his Beneficiary pursuant to this Article 7 as follows: (1) upon attainment of the Participant’s Normal Retirement Age (whether or not employment has terminated); (2) upon the death of the Participant; (3) upon the Disability of the Participant; or (4) upon the severance of the Participant’s employment (whether before or after attainment of the Participant’s Normal Retirement Age) prior to death or Disability. (b) Distributions on account of any of the distributable events described above are subject to the restrictions in this Article 7. Payments from the Plan shall be subject to applicable withholding taxes under the Code. (c) Limited in-service withdrawals may be available, as described in Section 7.14.

Distributable Events. (a) The vested amount of a Participant’s Account shall become payable to him a Participant or his Beneficiary beneficiary pursuant to this Article 7 as follows: (1) upon attainment of the Participant’s Normal Retirement Age (whether or not employment has terminated); (2) upon the death of the Participant; (3) upon the Disability of the Participant; or (4) upon the severance of the Participant’s employment (whether before or after attainment of the Participant’s Normal Retirement Age) prior to death or Disability. (b) Distributions on account of any of the distributable events described above are subject to the restrictions in this Article 7. Payments from the Plan shall be subject to applicable withholding taxes under the Code. (c) Limited in-service withdrawals may be available, as described in Section 7.14.