Statutory Distribution Rules Sample Clauses

Statutory Distribution Rules. A Participant’s Account shall be distributed to the Participant in accordance with the remaining Sections of this Article and in all cases in accordance with Code Section 457(d), pursuant to which no part of the Participant’s Account will be made available to the Participant or their beneficiaries earlier than: (a) the calendar year in which the Participant attains age 70-1/2; (b) when the Participant has a Severance from Employment with the University, or; (c) when the participant is faced with an unforeseeable emergency (determined in the manner prescribed below in accordance with Treasury regulations). In addition to the foregoing, in no event shall distribution of Plan benefits be deferred beyond the April 1 of the calendar year following the later of the calendar year in which the Participant or Former Participant (a) has a Severance from Employment with the University; or (b) attains age 70½. Distributions hereunder shall be made in accordance with Code Sections 401(a)(9) and 457 and the applicable regulations promulgated thereunder, and to the extent the distribution provisions of the Plan do not conform to such minimum requirements, they will be construed or modified by the Committee to so conform.