Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br /> ARTICLE IV <br /> <br /> DISTRIBUTIONS <br /> 4.1 Distribution of Benefits. <br /> <br /> (a) Benefits shall become distributable to a Participant (or the Participant's <br /> <br /> Beneficiary in case of the Participant's death) upon the Participant's Break in <br /> <br /> Employment. The amount of the benefits distributable to a Participant shall be the vested <br /> <br /> amount credited to such Participant's Account as of the most recent Valuation Date. <br /> <br /> Notwithstanding any other provision of this Plan, all distributions shall be in the form of <br /> <br /> a single cash lump sum paid as soon as administratively practicable after the date benefits <br /> <br /> become distributable. <br /> <br /> (b) In the event of the death of a Participant prior to distribution, distribution <br /> of the Participant's vested Account shall be made to his or her Beneficiary in a cash lump <br /> <br /> sum as soon as practicable after the Participant's death, but in no event later than the last <br /> <br /> day of the calendar year following the calendar year in which the death occurs. <br /> <br /> (c) This Plan is subject to the minimum distribution requirements contained in <br /> <br /> Code Section 457(d)(2) and 401(a)(9) and the regulations thereunder. These <br /> <br /> requirements are set forth in Appendix A of this Plan. <br /> <br /> 4.2 In Service Distributions <br /> <br /> In accordance with Section 457(e)(9)(A), a Participant who is no longer eligible <br /> <br /> to participate because he is no longer in the class of Eligible Employees, but who has not <br /> <br /> terminated employment with the Employer, shall be eligible for a limited in-service <br /> distribution if (i) the Participant's benefit is not more than five thousand dollars <br /> <br /> ($5,000.00), (ii) no amount has been deferred under this Plan for the Participant during <br /> <br /> <br /> <br /> NB 1:564577.3 9 <br /> <br /> 55A-48 <br />