Common use of Automatic Distribution Date Clause in Contracts

Automatic Distribution Date. The date on which the distribution of a Participant’s Plan benefit must commence is (check one): □ The latest date permitted under Code section 401(a)(9) □ 60 days after the close of the Plan Year in which a Participant’s Severance Event occurs □ Age 70½ □ Age 65 □ Age 62 □ Age 60 □ Age 55 X Other (please specify): $1,000 (including Rollovers) must commence is the latest date permitted under Code section 401(a)(9). The date on which the distribution of a Participant’s Plan benefit of $1,000 or less (including Rollovers) must commence is 90 days from the Participant’s Severance event. Note: Regardless of the election made in this Item 20, the Automatic Distribution Date will not apply to a Participant until he or she either (1) attains age 70½ and/or (2) has a Severance Event. In addition, the date selected as an Automatic Distribution Date may not be later than the latest date permitted under Code section 401(a)(9) and regulations promulgated thereunder.