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Time of Payment

The vested portion of your account is payable as soon as administratively feasible after your termination of employment. Unless your vested account balance is $1,000 or less, you must request a distribution of your account.

Form of Payment

The vested amount credited to your account which becomes payable as provided above shall be paid to you or your beneficiaries in one or a combination of the following forms:

  • one lump sum payment; or
  • partial payments; or
  • installment payments of reasonably equal amount over a period not exceeding the life expectancy of you and your beneficiary, subject to certain restrictions

If your account balance exceeds $1,000 it will not be distributed before you reach age 65 without your consent. If your balance is $1,000 or less, the Plan Administrator will direct the immediate distribution to you. You may direct that all or any portion of an eligible rollover distribution be transferred directly to another employer’s qualified plan, a 403(b) annuity, a governmental 457 plan or to an IRA (including a Roth IRA).

Payment of Death Benefits

If you die while employed, the amount credited to your account will be payable to your designated beneficiary as soon as administratively feasible following receipt by the Plan Administrator of satisfactory proof of your death.

Designation of Beneficiary

You may designate on a form suitable to the Plan Administrator or electronically at, the person or persons to whom your benefits under the Plan are to be paid if you die before receiving all of your benefits. Beneficiary designations will only be effective when filed while you are alive and will cancel any previously designated beneficiaries.

The designation of a non-spouse beneficiary is valid only if your surviving spouse has consented in writing to this designation. The consent must acknowledge the effect of such designation and be witnessed by a Plan representative or notary public.

A beneficiary may disclaim his right to all or any portion of the benefits to which he is entitled by filing a written refusal to accept the benefit before payment to him of any benefit, but no later than 9 months after the Participant’s death.

If you fail to designate a beneficiary, or if none of your beneficiaries survive you, your account will be paid to your surviving spouse. If you do not leave a surviving spouse, your account will be paid to the following classes of successive beneficiaries: (a) your surviving children, (b) your surviving parents, (c) your surviving siblings, or (d) your estate. If there is more than one individual in a specified class, the individuals will share equally in the amount payable.

Latest Time for Payment

Payment of benefits must commence no later than the April 1st of the calendar year following the later of (a) the calendar year in which you attain 70½ years of age; and (b) if you are not a 5% owner of the company, the calendar year in which you incur a termination of employment.

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