This excerpt taken from the EQR 10-K filed Mar 8, 2006.
Year in which the previously elected date occurs; and (ii) the new date for distribution occurs no earlier than the second Plan Year after the Plan Year in which the previous change occurs.
(c) The Participants election under this Section 7.1 may provide for payments to be made in the form of either:
(i) A single lump-sum payment; or
(ii) Annual installments over a period elected by the Participant of up to ten (10) years, the amount of each installment to equal the then balance of the Account divided by the number of installments remaining to be paid. The Participant may separately designate the date or age of the initial payment and the date or age that the remaining payments are to begin; provided, however, that all distributions must be completed within ten (10) years of the Participants termination of employment and service as a member of EQRs Board of Trustees.
A Participant who has made no election under this paragraph (c) or a participant who has made such an election and wishes to change the election, may make an election under this paragraph; provided that no election that is made other than on the Enrollment Form to which an Elective Deferral, a Share Deferral or a Matching Deferral is subject shall be effective until at least one full Plan Year following the date the election is filed with the Plan Administrator. Any such change shall also apply to all previous Enrollment Forms and Change Forms filed by the Participant to the extent that the change satisfies the preceding sentence in connection with such Forms.
(d) Except as provided in Sections 7.2, 7.3, 7.4, 7.5 and 7.6, payments from a Participants Account shall be made in accordance with the Participants elections under this Section 7.1. If no election is made by a Participant, or an election is invalid, distribution shall be made in a single lump sum upon the termination of the Participants employment.
(e) Payments from a Participants Account shall be in cash or in kind (comprising assets of the Funding Trust), as determined by the Funding Trustee. The Funding Trustee may (but is not required to) consider the Employers or a Participants preferences when determining the form in which payment is made from the Participants Account.