A. Minimum Distribution Requirement ("MDR"). A plan may allow a terminated Participant to defer the distribution of his account balance until a later date. The Code requires that payment of benefits must begin no later than the April 1 of the calendar year following the later of the year in which the Participant reaches age 70½ or retires.

The amount of the MDR is based on the Participant’s account balance (as of the previous December 31) divided by the applicable life expectancy. Generally, there is a single table that is used to determine a Participant’s applicable life expectancy that does not take into account a Participant’s designated Beneficiary unless the Participant’s sole primary beneficiary is a spouse whose age difference is more than 10 years of the age of the Participant. In this case, the applicable life expectancy is the Participant’s and spouse’s joint and last survivor life expectancy. Life expectancies are determined under tables provided by the IRS.

B. Available Forms of Payment. A Participant or Beneficiary may elect payment in one of the following forms:

In addition, a plan may allow Participants to delay receiving payments until a later date subject to the MDR rules.