Agenda Packets - 1983/09/12 - Laserfiche WebLink

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Lill Ply 010 w d hit l liedayelulluw Pit g Sepia it h unl:ielvme Sechmis701 u1700. a den lh Benefit equnllothevaluaoflho lu have the dI$IIultrtlUPI of beliefs conunance on adaloollar I'nincipant's Account shall be payable to the Beneficiary than that desnlbed lit ilia preceding sentence which is al commencing no later than GO days after the Close of the Plan Year in which Ilia Participant would have attained Normal least Gg days allot thu date such election is detivml,d bl neluenant Age Such death benefit shall be paid in a lump willing hl the Enlpluyet and lotwaided lu the Adnnnnlialut but not later than Go days alter Ilia close. of Ihu Plan Yeal of son unless the Renefie'iary elects a ddlurenl payment option within 90 days of Ilia ParllClparit'e death. A Beneficiary who the Padicipanl'S Rotirmnent' may elect a payment option putsuonl to the provisions of the 7.02 Payment Options: As providedm Sections 7.01.705mtd7.06. precedingsonteneeshall bolrealednsilhoweiea Participant a Participant may elect to have Ilia value of his Account for purposes of determining the payment options available distobuled in accordance with onlr of Ilia following payment under Section 7.02. provided, however, that the payment options, provided that such option is consistent %Jill Ilia option chosen by the Benehciarymust provide forpaymenls limitations set forth in Section 7.00. to the Beneficiary over a period no longer than the life (a) Equal monthly, quarterly. semi-annual or annual expectancy of the Beneficiary if the Beneficiary is the payments in an amount chosen by Ilia Participant. Participant's spouse and must provide for payments over a period not in excess of fifteen (15) years i1 the Beneficiary Is continuing until his Account is exhausted. not the Participant's spouse. (b) One lump sum payment: (e) Appioxunnlely equal monthly, quarterly, senu•annual nr control payments. calculated to continue for a period ccllain chosen by Ilia PaIIIClpanl. (d) Payments equal to payments made by Ihu issuer of a retuement annuity policy acquired by the Employer; (a) Any other payment option elected by the Participant and agreed to by the Employer. A Participant's election of a payment option must be made at least 30 days before Ilia payment of benefits is to comrnenco. 11 a Participant lads to make a timely eleclon o1 a payment option, benefits shall be paid nionthly under option (c) above lot a period of live years. 7.00 Limllollon on Options: No paymenl upllon may be selected by the Participant under Section 7 02 urdess the posent vaho ul Ilia paymeuls to Ilia PiulicipanL t10:nunrad as at Ilia dale henelits commence, exceeds 50 percent of the value of the Participant's Account as of the date benefits commence. Present value determinations under this Section shall be made by the Administrator in aeemdanee will, me axpacted return inulliplas set lorlh in section 1.72-9 of Ilia Federal Income Tax Regulations (or any successor provision to such regulations). 7.04 Post retirement Death Benefits: Should (he Participant die alter he her begun to receive benefits under a payment option, the remaining payments. if any, under the payment option shall be payable to the Participant's Beneficiary commencing within BO days allot the Administrator receives proof of Ilia Padicipanfs death, unless the Bonallciary elacis payment under a different payment option at least 00 days pilot to Ilia date that the first payment becomes payable to the Beneficiary. In no even( shall the Employer or Administiatot be liable to the Beneficiary for the amount of any payment made in the name of the Participant belare the Adminfshator receives proof of death of the Paniclpanl. Notwithstanding the foregoing, payments to a Benellciary shall not extend over a period longer than (if Ilia Benellcmry's life expectancy it the Beneficiary is the Participant's spouse or fill fifteen (15) years it the Beneficiary is not the Participant's spouse. If no Beneficiary is designated in the Joinder Agreeniont, or it the designated Beneficiary does not survive the Participant for a period of fifteen (151 days, then the conuouled value of any remaining payments under the payment option shall be paid in a lump sum to Ilia estate of the Participant. If the designated Beneficiary survives the Participant for a period of fifteen (15) days, but does not continue to hive for the remaining period of payments under the payment option (as modified, it necessary, in conformity - with the third sentence of this section), then the commuted value of any remaining payments under Iho payment option shall be paid in a lump sum to the estate 01 Ilia Beneficiary. 7.05 Pre•reliremernl Death Benefits: Should the Participant die before he has begun to receive the benefits provided by 7.06 Disability: In the event a Participanibeeomesdrsabled before the cmnnueucnu:nl of Rehrantenl benefits under Section 7 01. lite PailiLiparil may elect lecommence benefits under one of ilia payment options described rat Section 7.02 on the last day of the month following a datermaialion of disability by the Employer. The Participant's request for such determination must be made within a reasonable lime alter the impairment which constitutes the disability occurs. A Participant shall be considered disabled lot purposes of this Plan it he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result In death or be of long -continued and indefinite duration. The disability of any Participant shall be determined in accordance with uniform principles eonsistenlly applied and upon the basis of such medical evidence as the Employer deems necessary and desirable. 7.07 Unforeseeable Emergencies: In the event an unforeseeable emergency occurs, a Participant oat' apply to the Employer to receive that part of the value of his account that is reasonably needed to satisfy the emergency need. It such an application is approved by the Employer, the Participant shall Ia paid only such amount as the Employer deems necessary to meet the emergency need, but payment shall not be made to the extent that the financial hardship may be relieved through cessation of deferral under the Plan. insurance or other reimbursement. or liquidation of other assets to the extent such liquidation would not itself eausesevere financial hardship. An unforeseeable emergency shall be deemed to Involve onlyciretimstances of severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in section 152(a) of the Internal Revenue Code) of the Participant, loss of the Participant's property due to casualty, or other similar and extraordinary unforeseeable circum- stances arising as a result of events beyond Rie control of the Participant. The need to son„ a Participant's child to college or to purchase a new home shall not be considered unforeseeable emergencies. The determination as to whether such an unforeseeable emergency exists shall be based on the malls of each individual case. Vill. NOWASSIGNABILITY No Participant or Beneficiary shall have any right to commute, sell. assign, pledge, transfer or otherwise convey or encumber the light to receive any payments hereunder, which payments and rights are expressly declared to be non -assignable and non. transferable IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT AGREEMENTS This Plan serves in addition [carry other ralvemenl pension, or benefit plan or system presently in existence or hereinafter established lot the benefit of the Employers employees, and participation hereunder shall not affect benefits receivable under