Common use of Determination of Method of Distribution Clause in Contracts

Determination of Method of Distribution. The Participant will determine the method of distribution of benefits to himself and his Beneficiary, subject to the provisions of Section 8.02. Such determination will be made at the time the Participant makes a deferral election. A Participant’s election cannot be altered, except, if elected by the Employer in Section 1.10(b), if the Participant’s balance falls below the level described in regulations under Code Section 409A, the Participant’s benefit payable due to termination of employment will be distributed in a lump sum rather than installments. (a) When Section 1.06(a) has been elected by the Employer. The distribution period specified in a Participant’s first deferral election specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment. (b) When Section 1.06(b)

Determination of Method of Distribution. The Participant will determine the method of distribution of benefits to himself and his Beneficiary, subject to the provisions of Section 8.02. Such determination will be made at the time the Participant makes a deferral election. A Participant’s 's election cannot be altered, except, if elected by the Employer in Section 1.10(b), if the Participant’s 's balance falls below the level described in regulations under Code Section 409A, the Participant’s 's benefit payable due to termination of employment will be distributed in a lump sum rather than installments. (a) When Section 1.06(a) has been elected by the Employer. The distribution period specified in a Participant’s 's first deferral election specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment. (b) When Section 1.06(b)