Distribution on Severance Event Sample Clauses

Distribution on Severance Event. Upon a Severance Event (other than death), a Participant may elect the distribution of his Account, and the distribution of such benefits shall be made in accordance with one of the payment options described in Section 8.2. Notwithstanding the foregoing, the distribution of benefits shall commence not later than April l of the year following the later of the calendar year of the Participant’s (1) Severance Event or (2) attainment of age 70½ (if born before July 1, 1949), age 72 (if born on or after July 1, 1949 and before January 1, 1951), or age 73 (if born after December 31, 1950). Notwithstanding the foregoing, the Committee, in order to ensure the orderly administration of this provision, may establish a deadline after which such election to defer the commencement of distribution of benefits shall not be allowed.