Time and Manner of Distribution. (1) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant’s “Required Beginning Date.”
Time and Manner of Distribution. (a) REQUIRED BEGINNING DATE: The Member’s entire interest will be distributed, or begin to be distributed, to the Member no later than the Member’s required beginning date.
Time and Manner of Distribution. All required minimum distributions will be made from the Plan in the following time and in the following manner:
Time and Manner of Distribution. (a) Required Beginning Date: A Member’s entire interest will be distributed, or begin to be distributed, to such Member no later than the Member’s Required Beginning Date.
Time and Manner of Distribution. 70 16.03 Required Minimum Distributions During Member's Lifetime........................................71 16.04 Required Minimum Distributions After Member's Death............................................72 16.05 Definitions....................................................................................72 (iv) MASSBANK EMPLOYEES' STOCK OWNERSHIP PLAN AND TRUST AGREEMENT The Trust Agreement dated the 16th day of April, 1986, creating the MASSBANK FOR SAVINGS Employee Stock Ownership Plan, as heretofore amended, is hereby amended and restated in its entirety as follows:
Time and Manner of Distribution. Prior to the fifteenth ------------------------------- day of the ninth month following the close of the Corporation's taxable year, the Corporation shall be required to pay a Patronage Dividend as defined in Section 1388(a) of the Code (as defined in Article XI) to each Seller (or former ---------- Seller) equal to that portion of the net earnings of the Corporation that bears the same ratio to total net earnings as the total discounts or other items in the nature of interest paid by such Seller pursuant to such Seller's Securitization Agreement and attributable to such taxable year bears to the total discounts or other items in the nature of interest paid by all Sellers pursuant to all Securitization Agreements attributable to such taxable year. Net earnings of the Corporation for the purpose of this section shall mean the excess of income over expense as determined for federal income tax purposes. At least twenty percent of any Patronage Dividend shall be paid in cash. The balance of any Patronage Dividend may be paid through the issuance of a qualified written notice of allocation as provided in Section 1388(c) of the Code. Subject to the foregoing, the time and manner of patronage distributions shall be determined on an annual basis by the Board of Directors.
Time and Manner of Distribution. Clause (a).
Time and Manner of Distribution. Subject to any Special Election set forth in this Article, the following rules shall apply:
Time and Manner of Distribution. If a Participant's employment with the Employer is terminated for any reason other than death, Total and Permanent Disability or retirement, such Participant shall be entitled to such benefits as are provided hereinafter pursuant to this Section 7.4. Distribution of the funds due to a Terminated Participant shall be made on the occurrence of an event which would result in the distribution had the Terminated Participant remained in the employ of the Employer (upon the Participant's death, Total and Permanent Disability, Early or Normal Retirement). However, at the election of the Participant, the Administrator shall direct the Trustee to cause the entire Vested portion of the Terminated Participant's Account to be payable as soon as administratively feasible after the Valuation Date coinciding with or immediately following his termination of employment. In the event that the Terminated Participant does not elect to commence the distribution pursuant to the preceding sentence, such Terminated Participant may elect to commence such distribution determined on the last day of each succeeding Plan Year and payable in accordance with Section 7.5 as soon as administratively feasible thereafter. Any distribution under this paragraph shall be made in a manner which is consistent with and satisfies the provisions of Sections 7.5 and 7.6, including, but not limited to, all notice and consent requirements of Code Section 411(a)(11) and the Regulations thereunder. If the value of a Terminated Participant's Vested benefit derived from Employer and Employee contributions does not exceed $5,000 and has never exceeded $5,000 at the time of any prior distribution, the Administrator shall direct the Trustee to cause the entire Vested benefit to be paid to such Participant in a single lump sum as soon as administratively feasible after the Valuation Date coinciding with or immediately following his termination of employment. For purposes of this Section 7.4, if the value of a Terminated Participant's Vested benefit is zero, the Terminated Participant shall be deemed to have received a distribution of such Vested benefit. If a portion of a Participant's Account is forfeited, Company Stock allocated to the Participant's Company Stock Account must be forfeited only after the Participant's Other Investments Account has been depleted. If interest in more than one class of Company Stock has been allocated to a Participant's Account, the Participant must be treated as forfeiting the ...
Time and Manner of Distribution. Prior to the expiration of the 2-year period beginning on the date the owner first participated in any SIMPLE IRA Plan maintained by the owner's employer, any rollover or transfer by the owner of funds from this SIMPLE IRA must be made to another SIMPLE IRA of the owner. Any distribution of funds to the owner during this 2-year period may be subject to a 25-percent additional tax if the owner does not roll over the amount distributed into a SIMPLE IRA. After expiration of this 2-year period, the owner may roll over or transfer funds to any IRA of the owner that is qualified under section 408 (a) or (b) of the Internal Revenue Code. If this SIMPLE IRA is maintained by a designated financial institution (within the meaning of section 408(p)(7) of the Internal Revenue Code) under the terms of a SIMPLE IRA Plan of the owner's employer, the owner must be permitted to transfer the owner's balance without cost or penalty (within the meaning of section 408(p)(7)) to another IRA. Notwithstanding any provision herein to the contrary, distribution of your interest under this Section and Section 4 will be made in accordance with the minimum distribution rules of Sections 401(a)(9), 408(a)(6) and 408(b)(3) of the Code and the regulations thereunder. This includes the incidental death benefit provisions of Section 1.401(a)(9)-2 of the proposed regulations. All of these are herein incorporated by reference. Distribution of your interest must start by the first day of April after the calendar year in which you attain age 70 1/2. The election of one of the pay out options must be made at least 60 days prior to the date it is to begin. For each succeeding year, distribution must be made on or before December 31. The pay out option elected must result in distribution of equal or substantially equal payments which conform with one of the following: a. over your life; b. over your life and the life of your designated beneficiary; and c. over a specified period that may not be longer than your life expectancy; d. over a specified period that may not be longer than the joint life and last survivor expectancy of you and your beneficiary. A single sum payment may also be elected. If payments under a chosen option are guaranteed, the period of guarantee may not exceed your expected life, or the expected lives of the joint and last survivor of you and the secondary annuitant. This limit also applies to Option 1 under the contract.
