Change in distribution options.

[ERISA-Bubs]

Our plan currently provides distributions will be made in the form determined by the Committee in one of the following forms:

1) lump sum

2) monthly or annual installments (not to exceed life expectancy)

3) monthly payments based on single life annuity, paid until the account is exhausted.

4) another option requested by participant and agreed by the committee.

We want to change it so for people separating from service next year there are only two options:

1) lump sum

2) installments that are accelerated to lump sum upon death of the participant.

Anyone who is retired or retired before next year still get the original (4) options above. Is this permissible?

[mphs77]

What type of Plan is it?

[ERISA-Bubs]

What type of Plan is it?

Sorry, should have specified. It is a 457(b) top-hat plan for a nonprofit corporation.