ADP 2012 Annual Report Download - page 111

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(2) In the event a Participant has a Separation from Service prior to such Participant’s In-Service Distribution Date, then the
provisions of Section 6.2 shall instead apply to such distribution.
(b) Except as provided in Section 6.3, no unscheduled in-service distributions are permitted.
6.2 Distribution of Accounts after Separation from Service . If a Participant has a Separation from Service, the provisions of this Section
6.2 shall apply to the distribution of the Participant’s Accounts.
(a) Separation from Service .
(1) Ten Years of Service, or Age 65 . At the time of the Participant’s Separation from Service, if the Participant has either (i)
attained age 55 and has completed ten years of service, or (ii) attained age 65, then the Participant’s Account shall be distributed in accordance
with the Participant’s elections.
(A) Lump Sum . For Distributable Amounts for which the Participant has elected (or be deemed to have elected) a lump sum,
the value thereof shall be determined as of the ninth day of the seventh month following the Separation from Service, and the distribution
thereof shall be made as soon as administratively possible (and in no event later than 90 days) thereafter. If (i) a Participant has made an
irrevocable election to defer his Annual Incentive Amounts, (ii) such Annual Incentive Amounts are deferred after the Participant’s
Account has been distributed, and (iii) the Participant had elected to receive a lump sum distribution, then the additional Account balance
shall be valued and distributed on the ninth day of the month immediately following the date the Annual Incentive Amounts are deferred.
(B) Installment Payments . For Distributable Amounts for which the Participant has elected installments, (i) the first installment
shall be valued as of the ninth day of the seventh month following the Separation from Service, and the distribution thereof shall be made as
soon as administratively possible (and in no event later than 90 days) thereafter, and (ii) each subsequent installment shall be valued as of
the ninth day of September of each of the following calendar years, and the distribution thereof shall be made as soon as administratively
possible (and in no event later than 90 days) thereafter. For the avoidance of doubt, under no circumstances shall two installments be paid
in a single calendar year. If (x) a Participant has made an irrevocable election to defer his Annual Incentive, (y) such Annual Incentive is
deferred after the Participant’
s Account has started to be distributed, and (z) the Participant had elected to receive installment payments, the
additional deferral shall be added to the Participant’s balance in his Bonus Deferral Subaccount and shall be distributed in accordance with
the installment election.
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