Common use of Election to Defer Distribution Clause in Contracts

Election to Defer Distribution. If Section 15.11(a)(2) of the Adoption Agreement is elected and this is an amended Plan, then any Participant (other than a 5% owner) who attains Age 70½ in years after 1995 may elect by April 1 of the calendar year following the calendar year in which the Participant attains Age 70½ (or by December 31, 1997 in the case of a Participant who attains Age 70½ in 1996), to defer distributions until April 1 of the calendar year following the calendar year in which the Participant retires. If no such election is made, then the Participant will begin receiving distributions by April 1 of the calendar year following the calendar year in which such Participant attains Age 70½.

Election to Defer Distribution. If Section 15.11(a)(2) of the Adoption Agreement is elected and this is an amended Plan, then any Participant (other than a 5% owner) who attains Age 70½ 701/2 in years after 1995 may elect by April 1 of the calendar year following the calendar year in which the Participant attains Age 70½ 701/2 (or by December 31, 1997 in the case of a Participant who attains Age 70½ 701/2 in 1996), to defer distributions until April 1 of the calendar year following the calendar year in which the Participant retires. If no such election is made, then the Participant will begin receiving distributions by April 1 of the calendar year following the calendar year in which such Participant attains Age 70½.701/2.