Common use of Consent to Distributions Clause in Contracts

Consent to Distributions. Benefits may not be paid without the Participant's and the Participant's Spouse's consent if the present value of the Participant's Joint and Survivor Annuity derived from Employer and Employee contributions exceeds $5,000 and the benefit is "immediately distributable." However, spousal consent is not required if the distribution will be made in the form of a qualified Joint and Survivor Annuity and the benefit is "immediately distributable." A benefit is "immediately distributable" if any part of the benefit could be distributed to the Participant (or surviving Spouse) before the Participant attains (or would have attained if not deceased) the later of the Participant's Normal Retirement Age or age 62. Notwithstanding the foregoing, if the value of the Participant's benefit derived from Employer and Employee contributions does not exceed $5,000, then the Administrator will distribute such benefit in a lump-sum. No distribution may be made under the preceding sentence after the Annuity Starting Date unless the Participant and the Participant's Spouse consent in writing (or in such other form as permitted by the IRS) to such distribution. Any consent required under this paragraph must be obtained not more than one-hundred eighty (180) (ninety (90) for Plan Years beginning before January 1, 2007) days before commencement of the distribution and shall be made in a manner consistent with Section 6.5(a)(2). For purposes of this Subsection, the Participant's benefit derived from Employer and Employee contributions shall not include: (1) the Participant's Qualified Voluntary Employee Contribution Account, and (2) if selected in the Conditions for Distributions Upon Severance of Employment Section of the Adoption Agreement, the Participant's Rollover Account.

Consent to Distributions. Benefits may not be paid without If payment in the Participant's and the Participant's Spouse's consent if the present value form of the Participant's a Qualified Joint and Survivor Annuity is required with respect to a Participant and either the value of a Participant’s vested Account balance derived from Employer and Employee contributions exceeds five thousand dollars ($5,000 5,000) or there are remaining payments to be made with respect to a particular distribution option that previously commenced, and the benefit Account balance is "immediately distributable." HoweverImmediately Distributable, spousal as defined in Subsection 2.5.4(i)(2), the Participant must consent is not required if the to any distribution will be made of such Account balance. If payment in the form of a qualified Qualified Joint and Survivor Annuity is not required with respect to a Participant and the benefit is "immediately distributable." A benefit is "immediately distributable" if any part of the benefit could be distributed to the Participant (or surviving Spouse) before the Participant attains (or would have attained if not deceased) the later of the Participant's Normal Retirement Age or age 62. Notwithstanding the foregoing, if the value of the a Participant's benefit ’s vested Account balance derived from Employer and Employee contributions does not exceed exceeds five thousand dollars ($5,000), then and the Administrator will distribute such benefit Account balance is Immediately Distributable, as defined in a lump-sum. No distribution may be made under the preceding sentence after the Annuity Starting Date unless Subsection 2.5.4(i)(2), the Participant and the Participant's Spouse ’s spouse (or where either the Participant or the spouse has died, the survivor) must consent to any distribution of such Account Balance. The consent shall be obtained in writing (or in such other form as permitted by within the IRS) 90-day period ending on the Annuity Starting Date. The need for spousal consent is subject to such distributionSubsection 2.5.7(k). Any Neither the consent required under this paragraph must be obtained not more than one-hundred eighty (180) (ninety (90) for Plan Years beginning before January 1, 2007) days before commencement of the distribution and Participant nor the Participant’s spouse shall be made required to the extent that a distribution is required to satisfy Code sections 401(a)(9) or 415. In addition, upon termination of the Plan if the Plan does not offer an annuity option (purchased from a commercial provider) and if the Employer or any entity within the same controlled group does not maintain another defined contribution plan (other than an employee stock ownership plan as defined in a manner consistent with Section 6.5(a)(2Code section 4975(e)(7). For purposes of this Subsection), the Participant's benefit derived from Employer and Employee contributions Plan Administrator shall not include: (1) distribute the Participant's Qualified Voluntary Employee Contribution Account, and (2) if selected ’s Account balance in the Conditions for Distributions Upon Severance of Employment Section of Plan to the Adoption Agreement, Participant without the Participant's Rollover Account’s consent. However, if any entity within the same controlled group as the Employer maintains another defined contribution plan (other than an employee stock ownership plan as defined in Code section 4975(e)(7)), then the Plan Administrator will transfer the Participant’s Account balance to the other Plan, without the Participant’s consent, if the Participant does not consent to an immediate distribution.