Section 1. Election to Apply 5-or 10-Year Rule to Distributions to Designated

Beneficiaries.

( ) If the participant dies before distributions are required to begin and there is a designated beneficiary, distributions to the designated beneficiary are not required to begin by the date specified in section 2.2 of Article ___ of the plan, but the participant’s entire interest will be distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant’s death . ( for dates of death occurring on or before December 31, 2019) or the tenth anniversary of the participant’s death (for dates of death occurring after December 31, 2019, if the designated beneficiary is an eligible designated beneficiary as defined in section 5.4 of Article ___ of the plan). If the participant’s surviving spouse is the participant’s sole designated beneficiary and the surviving spouse dies after the participant but before distributions to either the participant or the surviving spouse begin, this election will apply as if the surviving spouse were the participant.

(Note to reviewer: Prior to the SECURE Act of 2019, the distributions to a designated beneficiary of a decedent participant dying prior to their required beginning date could be made over the designated beneficiary’s life expectancy. After statutory revision, for deaths after January 1, 2020, the 10-year rule applies as a substitute instead of having distributions based on a life expectancy factor unless the beneficiary is an “eligible designated beneficiary.”)