Reso 2010-068 - Laserfiche WebLink

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10.03. Commencement Of Payment Of Benefits. A. Bepefits Commencement In General. At any time after a Participant's Severance From Employment, the Participant may elect to receive a distribution of the Participant's Account which will be paid as soon as administratively feasible after the Participant's election is received by the Administrator. B. Required Minimum Distributions. 1. Notwithstanding anything contained in the Plan to the contrary, the Participant's entire interest either (i) will be distributed to the Participant not later than the Required Beginning Date, or (ii) will begin to be distributed beginning not later than the Required Beginning Date over the life of the Participant or aver the lives of the Participant and the Participant's Designated Beneficiary (or over a period not extending beyond the life expectancy of the Participant or the life expectancy of the Participant and the Participant's Designated Beneficiary). 2. The required minimum distribution for the Participant's first Distribution Calendar Year will be made on or before the Participant's Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Participant's Required Beginning. Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 3. Unless the Participant's interest is distributed in the form of a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year, distributions will be made in accordance with this .Required Minimum Distributions subsection or the Payment Of Death Benefits section, below, if applicable. 4. All minimum distributions under this subsection will be made in accordance with the provisions of Code section 401(a)(9), the Treasury regulations promulgated under Code section 401(a)(9), and any other provisions reflecting Code section 401(a)(9) that are prescribed by the Commissioner of Intemal Revenue in revenue rulings, notices and other guidance published in the Internal Revenue Bulletin. 5. The provisions of the Required Minimum Distributions subsection will override any distribution options in the Plan inconsistent with Code section 401(a)(9). 6. This Required Minimum Distributions subsection and the provisions under the Payment Of Death Benefits section set forth the minimum required distributions pursuant to Code section 401(a)(9) and the Treasury regulations promulgated thereunder and shall not be construed as creating any payment method under the Plan not otherwise provided under the Method Of Payment Of Benefits section, provided that the method or methods of payment under the Method Of Payment Of Benefits section meet or exceed the requirements of this Required Minimum Distributions subsection. 7. If a Participant attains age seventy and one-half (70-1/2) on or after January 1, 1997, but did not retire from the Employer, the Participant may elect to commence distributions under Code section 401(a)(9). 19