Common use of Date of Distribution Clause in Contracts

Date of Distribution. Unless the Participant or, if deceased, his Beneficiary, surviving spouse or estate, as the case may be, otherwise elects, the payment of benefits to which any such person is entitled shall begin not later than sixty (60) calendar days after the latest of the Anniversary Date of the Plan Year in which: (a) the Participant attains age sixty-five (65), (b) occurs the tenth (10th) anniversary of the date on which the Participant initially became eligible to participate in this Plan, or (c) the Participant terminates his employment with the Companies; provided, however, that the distribution of benefits to a Participant shall commence not later than the Participant's required beginning date. Benefit distributions to a Participant (other than a 5-percent owner) must commence by the later of the April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2 or retires from the employment of the Employer, and benefit distributions to a Participant who is a 5-percent owner must commence by the later of the April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2. A Participant is treated as a 5-percent owner for purposes of this section is such Participant is a 5-percent owner as defined in section 416 of the Code at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 1/2. Once distributions have begun to a 5-percent owner under this section, they must continue to be distributed, even if the Participant ceases to be a 5-percent owner in a subsequent year.

Date of Distribution. Unless the Participant or, if deceased, his Beneficiary, surviving spouse or estate, as the case may be, otherwise elects, the payment of benefits to which any such person is entitled shall begin not later than sixty (60) calendar days after the latest of the Anniversary Date of the Plan Year in which: (a) the Participant attains age sixty-five (65), (b) occurs the tenth (10th) anniversary of the date on which the Participant initially became eligible to participate in this Plan, or (c) the Participant terminates his employment with the CompaniesCompany; provided, however, that the distribution of benefits to a Participant shall commence not later than the Participant's required beginning date. Benefit distributions to a Participant (other than a 5-percent owner) must commence by the later of the April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2 or retires from the employment of the Employer, and benefit distributions to a Participant who is a 5-percent owner must commence by the later of the April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2. A Participant is treated as a 5-percent owner for purposes of this section is if such Participant is a 5-percent owner as defined in section 416 of the Code at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 1/2. Once distributions have begun to a 5-percent owner under this section, they must continue to be distributed, even if the Participant ceases to be a 5-percent owner in a subsequent year.