In-Service Distributions Sample Clauses
In-Service Distributions. Executive shall have no right to borrow money from his Deferred Bonus Account nor shall he be allowed to receive a distribution except as provided above.
In-Service Distributions. A Participant may designate in the Participant Deferral Agreement to have a specified amount credited to the Participant’s In-Service Account for in-service distribution in a lump sum payment at the date specified by the Participant. In no event may an in-service distribution be made prior to two years following the establishment of the In-Service Account of the Participant. Notwithstanding the foregoing, if a Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance in the In-Service Account has been distributed, then the balance in the In-Service Account on the date of the Qualifying Distribution Event shall be distributed to the Participant in the same manner and at the same time as the balance in the Deferred Compensation Account is distributed under Section 6 and in accordance with the rules and elections in effect under Section 6.
In-Service Distributions. In-service accounts are permitted under the Plan:
In-Service Distributions. See Section 9.2(b).]
In-Service Distributions. If the Adoption Agreement allows for In-Service Distributions under this Plan, then a Participant may allocate in the Deferral Election Form a portion of his or her Account Balance to be paid as a scheduled In-Service Distribution, such payment to be made at a date designated on the form in accordance with the limits defined in the Adoption Agreement. The In-Service Distribution shall be calculated and paid in accordance with the Adoption Agreement and the terms and conditions of this Plan. Despite the foregoing, if another distribution event occurs that would result in the payment of any benefit prior to an In-Service Distribution, then such other form of benefit shall be paid in lieu of such In-Service Distribution. A Participant may elect to delay the scheduled time for payment of an In-Service Distribution under this paragraph, but only if such election constitutes a Permissible Change Election. If any amount of the Account Balance that has been designated for an In-Service Distribution shall be unvested at the time an In-Service Distribution is scheduled to occur, such unvested amount instead shall remain in such Participant's Account, to be included, when and if it vests, with other amounts payable by reason of the Participant's Separation from Service.
In-Service Distributions. If the Employer elects below, the Plan will allow distributions of Participant Deferral Contributions to be made to Participants while they are still employed ("In-Service Distributions"), if they elect a fixed distribution date during the regular election period. [Select one - note that In-Service Distributions of Employer Contributions is not permitted]o No, In-Service Distributions will not be permitted. ý Yes, In-Service Distributions will be permitted. [select one ]. ý For All Participant Deferral Contributions o For Participant Compensation Deferral Contributions (other than Performance-Based Bonus) only. o For Participant Performance-Based Bonus Deferral Contributions. [Note - if "Yes" is elected above and the Plan will allow In-Service Distributions, please indicate if Participant will be permitted to make a "pushback" subsequent election to defer the original distribution date at least five years in accordance with Plan provisions (see subsection 9.1 of Plan document - note that election must be made 12 months prior to original distribution date and election will not take effect for 12 months) ý Yes o No ]Please indicate the number of years a Participant must defer payment(s) until In-Service Distribution(s) may begin:o 2 Years after the Calendar Year for which the deferral is effective ý 1 Years after the Calendar Year for which the deferral is effective Please indicate if separate In-Service Distribution Dates are allowed for each Type of Participant Deferral selected in Item 7:o No (single distribution date allowed per Plan Year)
In-Service Distributions. (1) In-service distributions may be made from any of the Participant's vested Accounts, at any time upon or after the occurrence of the following events (select all applicable): |_| (a) a Participant's attainment of age 59-1/2. |X| (b) due to hardships as defined in Section 5.9 of the Plan. |_| (2) In-service distributions are not permitted.
In-Service Distributions. Section 2.5.6 provides that an Employer may permit distributions to fully vested Participants over the age of 59-1/2 prior to termination of employment if the amounts withdrawn have been allocated to the Participant for two (2) or more years or the Participant has been a Participant for at least five (5) years. (Select all applicable) ( ) a. Plan Provision. ( ) b. Require that amounts have been allocated for ____ years. (Must be at least 2) ( ) c. Require participation for at least ____ years. (Must be at least 5) ( ) d. In Service Distributions are permitted upon reaching Normal Retirement Date ( ) e. In Service Distribution are permitted for amounts attributable to a rollover from another plan regardless of age or periods of participation (X) f. In Service Distributions are not permitted.
In-Service Distributions. A Participant can elect to receive a lump sum payment of benefits created and generated by the contribution for a given Plan Year without terminating employment. The benefit payment will be received by January of a chosen year at least five (5) years after the end of the Plan Year in which the contribution was made. This election must be made at the time of deferral.
In-Service Distributions. If the Plan is a profit sharing plan or a 401(k) plan, and if elected in the Adoption Agreement, and subject to the minimum Age and/or Service and/or participation requirements elected in the Adoption Agreement, a Participant who is still an Employee may request in writing to the Administrator that up to 100% of the Participant’s Vested Interest in the accounts elected by the Sponsoring Employer in the Adoption Agreement be distributed to the Participant, subject to the following provisions: