Common use of EARLY PAYMENT OPTION Clause in Contracts

EARLY PAYMENT OPTION. (a) A Participant who separates from Service prior to retirement, death or Disability |X| may |_| may not make application to the Employer requesting an early payment of his or her vested account balance. (b) A Participant who has attained age 59-1/2 and who has not separated from Service |X| may |_| may not obtain a distribution of his or her vested Employer contributions. Distribution can only be made if the Participant is 100% vested. Prototype Cash or Deferred Profit- Sharing Plan #001 (c) A Participant who has attained the Plan's Normal Retirement Age and who has not separated from Service |X| may |_| may not receive a distribution of his or her vested account balance.

Appears in 1 contract

Sources: Adoption Agreement (Equivest Finance Inc)

EARLY PAYMENT OPTION. (a) A Participant who separates from Service prior to retirement, death or Disability |X| [x] may |_| [ ] may not make application to the Employer requesting an early payment of his or her vested account balance. (b) A Participant who has attained age 59-1/2 and who has not separated from Service |X| [ ] may |_| [x] may not obtain a distribution of his or her vested Employer contributions. Distribution can only be made if the Participant is 100% vested. Prototype Cash or Deferred Profit- Sharing Plan #001002 (c) A Participant who has attained the Plan's Normal Retirement Age and who has not separated from Service |X| [x] may |_| [ ] may not receive a distribution of his or her vested account balance.

Appears in 1 contract

Sources: Adoption Agreement (Option Care Inc/De)