Common use of Participant Election Clause in Contracts

Participant Election. If amounts are includable in a Participant’s gross income under section 402(g) of the Code for a taxable year of the Participant, the Participant may elect to receive a distribution from his Section 401(k) Contribution Account in an amount up to the sum (or difference) of: (A) the lesser of: (i) the amount includable in his gross income under section 402(g) of the Code for the taxable year; or (ii) the amount of his salary deferrals under Section 4.1(a) for the taxable year; plus (or minus) (B) the income (or loss) allocable to the amount determined under (A) above determined by the Administrator in accordance with Treasury Regulations.