Common use of Additional Election to Defer Commencement of Distributions Clause in Contracts

Additional Election to Defer Commencement of Distributions. A Participant may elect to defer the distribution of his or her Account to a fixed determinable date later than the date elected under subsection (a); provided, that such date is not later than April l of the year following the Participant’s attainment of age 70½, or if later, April 1 of the year following the year which contains the Participant’s Severance Date. A Participant may make only one (1) election under this subsection (b) and such election must be made not less than 30 days prior to the date the distribution of his or her Account would otherwise commence. Notwithstanding the foregoing, the Plan Administrator, in order to ensure the orderly administration of this subsection, may establish a deadline after which an election under this subsection shall not be permitted.