In-Service Distribution. The Employer must elect in its Adoption Agreement the distribution election rights, if any, a Participant has prior to his/her Separation from Service ("in-service distribution"). Subject to any contrary Employer election in Appendix A to its Adoption Agreement, a Participant upon attaining age 701/2, until he/she incurs a Separation from Service, has a continuing election to receive all or any portion of his/her Account Balance, including Employer contributions and Participant contributions. If the Employer elects in its Adoption Agreement additional in-service distribution of any Employer contribution (including deferral contributions), the Employer in its Adoption Agreement must specify events or conditions, if any, applicable to such in-service distributions. For special requirements regarding hardship distributions, see Section 6.09. The Employer also must elect in its Adoption Agreement the additional in-service distribution rights, if any, a Participant has with respect to Participant contributions as defined in Section 4.01. If a Participant receives an in-service distribution as to a partially-Vested Account, and the Participant has not incurred a Forfeiture Break in Service, the Plan Administrator will apply the vesting provisions of Section 5.03(A). A Participant must make any permitted in-service distribution election under this Section 6.01(C) in writing and on a form prescribed by the Plan Administrator which specifies the percentage or dollar amount of the distribution and the Participant's Plan Account (Employer contributions or Participant contributions and type) to which the election applies. If the Plan permits in-service distributions, a Participant only may elect to receive one in-service distribution per Plan Year under this Section 6.01(C) unless the election form prescribed by the Plan Administrator provides for more frequent distributions. The Trustee, as directed by the Plan Administrator and subject to Sections 6.01(A)(4), 6.01(A)(5) and 6.04, will distribute the amount(s) a Participant elects in single sum, as soon as administratively practicable after the Participant files his/her in-service distribution election with the Plan Administrator. The Trustee will distribute the Participant's remaining Account Balance in accordance with the other provisions of this Article VI. The Trustee, prior to a Participant's Normal Retirement Age or Disability may not make any in-service distribution to the Participant with respect to his/her A...
In-Service Distribution. If the Plan does not otherwise permit an in-service distribution at the time of the In-Plan Xxxx Conversion and this subsection (i) is checked, a Participant may elect to take an in-service distribution solely to pay taxes generated from the In-Plan Xxxx Conversion to the extent such in-service distribution would otherwise be permitted under Section 8.09 of the Plan.
In-Service Distribution. For a Participant to convert his/her eligible contributions to Xxxx Deferrals through an In-Plan Xxxx Conversion, the Participant need not be eligible to take a distribution from the Plan. To override this default provision to require a distributable event, complete this subsection (2). 🞎 If this subsection (2) is checked, a Participant must be eligible for a distribution of any amounts converted to Xxxx Deferrals through an In-Plan Xxxx Conversion. Thus, only amounts that are eligible for distribution under AA §9 or AA §10 are eligible for In-Plan Xxxx Conversion.
In-Service Distribution. The Employer in its Adoption Agreement must elect the Participants' In-Service Distribution rights, if any. If the Employer elects to permit any In-Service Distributions, the Employer will elect the eligible Contribution Type or Contribution Type Accounts and the age or other events which entitle a Participant to an In-Service Distribution. The Employer's elections under this Section 6.01(C) are subject to the restrictions of Section 6.01(C)(4) and any other restrictions under Applicable Law.
In-Service Distribution. A Director may irrevocably elect to receive a pre-termination distribution of all or any specified percentage of his or her Deferred Fees or Deferred Shares for any Plan Year on or commencing not earlier than the beginning of the third Plan Year following the Plan Year such Fees and Shares otherwise would have been payable. A Director's election of a pre-termination distribution shall he made in a Participation Agreement filed for the Plan Year as provided in Section 4.1 or Section 4.3. A Director shall elect irrevocably to receive such Deferred Fees and/or Deferred Shares as a pre-termination distribution under one of the forms provided in Section 7.4 or Section 7.5.
In-Service Distribution. For Profit Sharing Plans and 401(k) Profit Sharing Plans, if elected in the Adoption Agreement, at such time as the conditions set forth in the Adoption Agreement have been satisfied, then the Administrator, at the election of a Participant who has not severed employment with the Employer, shall direct the distribution of up to the entire Vested amount then credited to the accounts as elected in the Adoption Agreement maintained on behalf of such Participant. In the event that the Administrator makes such a distribution, the Participant shall continue to be eligible to participate in the Plan on the same basis as any other Employee. Any distribution made pursuant to this Section shall be made in a manner consistent with Section 6.5, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, if an in-service distribution is permitted from more than one account type, the Administrator may determine any ordering of a Participant's in-service distribution from such accounts.
In-Service Distribution. (Section 4.1(c)) check one: A participant may receive an in-service distribution of all or a part of his or her benefit if the total amount of the Participant’s benefit is less than $5000 (or the dollar limit under Section 411(a)(11) of the Code, if greater) and the requirements of Section 4.1(c) of the Plan are satisfied. A Participant may not receive any in-service distributions of his or her benefit.
In-Service Distribution. A distribution of the eligible portion of the account balance may be made to a participant who is still employed. Nonelective contributions are available for withdrawal to the participant that has participated in the plan for 60 months. Prior to the 60-month period, participants withdraw nonelective contributions which have been in the plan for a period of 24 months or apply for a financial hardship distribution. Additionally, in service distributions from nonelective contributions are available upon the participant attaining the normal retirement age of 55 as defined by the plan document. Elective deferrals are available for distribution upon attainment of age 59½ or due to financial hardship. Financial hardship shall be determined by the plan administrator on a reasonable equivalent basis and shall include but not be limited to certain medical expenses; costs relating to the purchase of a principal residence; tuition and related educational fees and expenses; payments necessary to prevent eviction from, or foreclosure on, a principal residence; burial or funeral expenses; and certain expenses for the repair of damage to the employee’s principal residence. The requested amount should not exceed the value of salary deferrals deposited into the plan. Furthermore, this transaction will be reported on Form 1099-R according to the participant’s age. Distribution of Rollover Contributions are available without experiencing a qualifying event listed previously. Earnings may also be distributed with rollover dollars; however, this is not required. A distribution may be subject to taxes and any applicable penalties if it is a premature distribution.
In-Service Distribution. For Profit Sharing Plans, if elected in the Adoption Agreement, at such time as the conditions specified in the Adoption Agreement have been satisfied, the Administrator, at the election of the Participant, shall direct the distribution of up to the entire amount then credited to the accounts maintained on behalf of the Participant. However, no such distribution from the Participant’s Account shall occur prior to 100% Vesting. In the event that the Administrator makes such a distribution, the Participant shall continue to be eligible to participate in the Plan on the same basis as any other Employee. Any distribution made pursuant to this section shall be made in a manner consistent with Section 6.05, including, but not limited to, the notice requirements of Code Section 402(f) and the Regulations thereunder. The provisions of the paragraph shall not apply to contributions made pursuant to Section G.3.b. of the Adoption Agreement on behalf of Part-time, Seasonal and Temporary Employees. Except as provided in the following paragraph, to the extent that any optional form of benefit under this Plan permits a distribution prior to the Participant’s retirement, death, Total and Permanent Disability, or severance from employment, and prior to Plan termination, the optional form of benefit is not available with respect to benefits attributable to assets (including the post-transfer earnings thereon) and liabilities that are transferred, within the meaning of Code Section 414(l), to this Plan from a Money Purchase Pension Plan qualified under Code Section 401(a) (other than any portion of those assets and liabilities attributable to voluntary Employee contributions). If elected in the Adoption Agreement, then beginning as of the date specified in the Adoption Agreement, if the Plan is a money purchase pension plan (or a profit sharing plan that has received a transfer of assets from a pension plan), a Participant who has attained age 62, but has not separated from employment, may elect to receive a distribution of up to 100% of the Vested portion of the Participant’s Account (or, in the case of a transferee plan, of up to the entire amount attributable to such transferred assets).
In-Service Distribution. (i) For a Participant to convert his/her eligible contributions to Xxxx Deferrals through an In-Plan Xxxx Conversion, the Participant need not be eligible to take a distribution from the Plan. [
