Common use of Optional Distribution Forms Clause in Contracts

Optional Distribution Forms. Prior to the commencement date under Section 6.1 or Section 6.3, as applicable, the Participant may elect to have his or her Account distributed in one of the following forms:‌ (a) a single lump sum payment; (b) installment payments for a period of years (payable on an annual, semi-annual, quarterly, or monthly basis) which extends no longer than the life expectancy of the Participant or such longer period as permitted under Section 6.9(b); (c) partial lump sum payment of a designated amount; (d) any combination of the above forms of distribution; or (e) such other form of installment payments as may be approved by the Board consistent with the limitations of Section 6.9. The Participant or a Beneficiary, after a Participant’s death, may request a change to the form of distribution initially elected under this Section. Any such election must be made in writing at least 60 days prior to the effective date of the change. The Participant’s distributions made under a subsequent election shall be under one of the optional distribution forms described in this Section.