Minimum Required Distributions. In no event may payment of a Member's Account begin later than April 1 of the year following the calendar year in which a Member attains age 70 1/2; provided, however, if a Member attained age 70 1/2 prior to January 1, 1988, except as otherwise provided below, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires. Such benefit shall be paid, in accordance with the Regulations, over a period not extending beyond the life expectancy of such Member. Life expectancy for purposes of this Section shall not be recalculated annualy in accordance with the Regulations. If a Member who is a 5% owner attained age 70 1/2 before January 1, 1988, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the earlier of (a) the calendar year within which the Member becomes a 5% owner or (b) the calendar year in which the Member retires. For purposes of the preceding sentence, 5% owner shall mean a 5% owner of such Member's Employer as defined in Section 416(i) of the Code at any time during the Plan Year in which such owner attains age 66 1/2 or any subsequent Plan Year. Distributions must continue to such Member even if such Member ceases to own more than 5% of the Employer in a subsequent year.
Appears in 4 contracts
Sources: Employees' Savings & Profit Sharing Plan (BCSB Bankcorp Inc), Employees' Savings & Profit Sharing Plan (First Community Financial Corp /Nc/), Employees' Savings & Profit Sharing Plan (HMN Financial Inc)
Minimum Required Distributions. In no event may payment of a Member's Account begin later than April 1 of the year following the calendar year in which a Member attains age 70 1/2; provided, however, if a Member attained age 70 1/2 prior to January 1, 1988, except as otherwise provided below, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires. Such benefit shall be paid, in accordance with the Regulations, over a period not extending beyond the life expectancy of such Member. Life expectancy for purposes of this Section shall not be recalculated annualy annually in accordance with the Regulations. If a Member who is a 5% owner attained age 70 1/2 before January 1, 1988, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 701/2 or (ii) the earlier of (a) the calendar year within which the Member becomes a 5% owner or (b) the calendar year in which the Member retires. For purposes of the preceding sentence, 5% owner shall mean a 5% owner of such Member's Employer as defined in Section 416(i) of the Code at any time during the Plan Year in which such owner attains age 66 1/2 661/2 or any subsequent Plan Year. Distributions must continue to such Member even if such Member ceases to own more than 5% of the Employer in a subsequent year.
Appears in 1 contract
Sources: Employees' Savings & Profit Sharing Plan (1st State Bancorp Inc)
Minimum Required Distributions. In no event may payment of a Member's Account begin later than April 1 of the year following the calendar year in which a Member attains age 70 70-1/2; provided, however, if a Member attained age 70 1/2 70% prior to January 1, 1988, except as otherwise provided below, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires. Such benefit shall be paid, in accordance with the Regulations, over a period not extending beyond the life expectancy of such Member. Life expectancy for purposes of this Section shall not be recalculated annualy annually in accordance with the Regulations. If a Member who is a 5% owner attained age 70 1/2 before January 1, 1988, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the earlier of (a) the calendar year within which the Member becomes a 5% owner or (b) the calendar year in which the Member retires. For purposes of the preceding sentence, 5% owner shall mean a 5% owner of such Member's Employer as defined in Section 416(i) of the Code at any time during the Plan Year in which such owner attains age 66 1/2 66% or any subsequent Plan Year. Distributions must continue to such Member even if such Member ceases to own more than 5% of the Employer in a subsequent year.
Appears in 1 contract
Sources: Employees' Savings & Profit Sharing Plan and Trust (Riverview Bancorp Inc)
Minimum Required Distributions. In no event may payment of a Member's Account begin later than April 1 of the year following the calendar year in which a Member attains age 70 70- 1/2; provided, however, if a Member attained age 70 1/2 70% prior to January 1, 1988, except as otherwise provided below, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the calendar year in which the Member retires. Such benefit shall be paid, in accordance with the Regulations, over a period not extending beyond the life expectancy of such Member. Life expectancy for purposes of this Section shall not be recalculated annualy annually in accordance with the Regulations. If a Member who is a 5% owner attained age 70 1/2 before January 1, 1988, any benefit payable to such Member shall commence no later than the April 1 of the calendar year following the later of (i) the calendar year in which the Member attains age 70 1/2 or (ii) the earlier of (a) the calendar year within which the Member becomes a 5% owner or (b) the calendar year in which the Member retires. For purposes of the preceding sentence, 5% owner shall mean a 5% owner of such Member's Employer as defined in Section 416(i) of the Code at any time during the Plan Year in which such owner attains age 66 1/2 66% or any subsequent Plan Year. Distributions must continue to such Member even if such Member ceases to own more than 5% of the Employer in a subsequent year.
Appears in 1 contract