Common use of Exception for Required Distributions Clause in Contracts

Exception for Required Distributions. If no application has been received within a reasonable period of time before the date by which distribution is required to begin pursuant to Code § 401(a)(9) or, if earlier, pursuant to the Plan, then the Beneficiary’s Account shall be distributed automatically (without an application for distribution) in a single lump sum.

Exception for Required Distributions. If no application has been received within a reasonable period of time before the date by which distribution is required to begin pursuant to Code § 401(a)(9) or, if earlier, pursuant to the Plan, then the Beneficiary’s Vested Total Account shall be distributed automatically (without an application for distribution) in a single lump sum.