When a participant owns more than 5% of the company and reaches age 70 ½ in the current year, and is still working, he/she is required by federal regulations to begin receiving annual minimum distributions by December 31 of that year. He/she may delay the required minimum distribution until April 1st of the next year, but each subsequent distribution must be made by December 31. A minimum distribution is also required for all employees age 70 ½ who have separated from service with the employer.