Distribution Upon Disability Sample Clauses
The "Distribution Upon Disability" clause defines how a person's assets or interests are to be managed or distributed if they become disabled and unable to manage their own affairs. Typically, this clause outlines the process for determining disability, such as requiring certification by a physician, and specifies who will take over management or receive distributions, like a trustee or designated beneficiary. Its core function is to ensure that the individual's assets are protected and appropriately handled during periods of incapacity, thereby preventing confusion or mismanagement.
Distribution Upon Disability. If the Employer selects below, the Plan will allow distributions to be made to Participants upon Disability but while they are still employed if they meet the criteria for Disability in Item 30 below. The form of distribution will be the same as for Termination of Employment. ¨ No, distribution upon Disability will not be permitted. x Yes, distributions upon Disability will be permitted. [complete Item 30 – definition of “Disability”].
Distribution Upon Disability. Unless designated otherwise under this AA §9-4, a Participant who terminates employment on account of becoming Disabled may receive a distribution of his/her vested Account Balance in the same manner as a regular distribution upon termination.
Distribution Upon Disability. If a Participant becomes Disabled while employed with the Employer, the unpaid portion of his or her Participant’s Account balance, if any, shall be distributed in a single sum.
Distribution Upon Disability. Subject to the terms of the Employer Plan, distribution of a Participant's Custodial Account may be elected at any time following the Participant's Disability, whether or not the Participant’s employment with the Employer has terminated.
Distribution Upon Disability. In the event of the Disability of the Participant, the Trustee, following receipt of notification of such Disability from the Committee, shall make distributions from the Account.
Distribution Upon Disability. Unless designated otherwise under this AA §9-4, a Participant who terminates employment on account of becoming Disabled may receive a distribution of his/her vested Account Balance in the same manner as a regular distribution upon termination.
(a) Immediate distribution upon termination of employment. Distribution will be made as soon as reasonable following the date the Participant terminates employment on account of becoming Disabled.
(b) Following year distribution upon termination of employment. Distribution will be made as soon as reasonable following the last day of the Plan Year during which the Participant terminates on account of becoming Disabled.
Distribution Upon Disability. If the Employee becomes disabled as defined in this Agreement after his or her separation from service with the Employer, he or she shall receive a lump sum distribution of the Account 90 days after the date of such Disability unless, within 60 days after the date of such Disability, the Employee elects another time for commencement and/or form of distribution and the Custodian consents to such election. The Employee may not elect either (a) a date for commencement of distribution which delays the commencement of distribution from the Account beyond the first April 1 following the calendar year during which the Employee attains age 70 1/2 or (b) a form of distribution which results in the present value (determined at the time distribution commences) of payments to be made to the Employee over the Employee's life expectancy (as determined under Section 1.72-9 of the Treasury Regulations) equaling less than 50% of the present value of the total payments to be made.
Distribution Upon Disability. JOINT AND SURVIVOR ANNUITY REQUIREMENTS...
Distribution Upon Disability. A distribution on account of your disability will not be subject to the "additional tax on early distributions" under Code Section 72(t). For that purpose, you will be considered disabled if you can prove, as provided in Code Section 72(m)(7), that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or be of long-continued and indefinite duration. For additional information about Disabilities see IRS Publication No. 522.
Distribution Upon Disability. Sample Document