Common use of In-Service Distribution Clause in Contracts

In-Service Distribution. (a) Prior to incurring a Separation from Service or a Disability, a Participant who has attained Normal Retirement Age may elect to receive a distribution from the Plan of all or any portion of his or her Nonforfeitable Accrued Benefit (an “In-Service Distribution”). (b) Subject to the provisions of Section 6.7(d), in order to receive an In-Service Distribution, a Participant shall make an election under this Section 6.7 on a written form prescribed by the Plan Administration Committee at any time during the Plan Year for which his or her election is to be effective and, in such written election form, the Participant shall specify the percentage or dollar amount of his or her Nonforfeitable Accrued Benefit that he or she wishes the Plan Administration Committee to direct the Trustee to distribute to him or her for the Plan Year for which the election is to be effective. (c) Subject to the provisions of Section 6.7(d), an In-Service Distribution shall only be payable and distributed in a single lump sum cash payment, and any such single lump sum cash payment shall be distributed to the Participant as soon as administratively practicable after the Plan Administration Committee approves the Participant’s written election. The Plan Administration Committee shall distribute the balance of the Participant’s Nonforfeitable Accrued Benefit not distributed pursuant to his or her election(s) under this Section 6.7 in accordance with the other applicable distribution provisions of the Plan. (d) Notwithstanding anything contained in this Section 6.7 to the contrary, the Plan Administration Committee may adopt investment education requirements and programs that a Participant must meet and/or participate in prior to exercising his or her right to elect to receive a distribution from the Plan under the provisions of this Section 6.7. Such investment education requirements and programs may be adopted or modified by the Plan Administration Committee from time to time and may contain such terms and conditions, as the Plan Administration Committee shall determine in their sole and absolute right and discretion.