Resolution 1983-37 - Laserfiche WebLink

Home Browse Search

, - \ cably elect within uJ days following Separation from Service Sections 7,01 or 7,06, a ueath benefit equal to the value of the to have the distribution of benefits commence on a date other Participant's Account shall be payable to the Beneficiary than that described in the preceding sentence which is at commencing no later than 60 days after the close of the Plan least 60 days after the date such election is delivered in Year in which the Participant would have attained Normal writing to the Employer and forwarded to the Administrator Retirement Age. Such death benefit shall be paid in a lump but not later than 60 days after the close of the Plan Year of sum unless the Beneficiary elects a different payment option the Participant's Retirement. within 90 days of the Participant's death. A Beneficiary who 7.02 Payment Options: As provided in Sections 7,01,7,05 and 7,06, may elect a payment option pursuant to the provisions of the a Participant may elect to have the value of his Account preceding sentence shall be treated as if he were a Participant distributed in accordance with one of the following payment for purposes of determining the payment options available options, provided that such option is consistent with the under Section 7.02; provided, however, that the payment option chosen by the Beneficiary must provide for payments limitations set forth in Section 7.03: 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 the Participant, Participant's spouse and must provide for payments over a continuing until his Account is exhausted; period not in excess of fifteen (15) years if the Beneficiary is (b) One lump sum payment; not the Participant's spouse, (c) Approximately equal monthly, quarterly, semi-annual 7.06 Disability: I n the event a Participant becomes disabled before the commencement of Retirement benefits under Section or annual payments, calculated to continue for a period 7,01. the Participant may elect to commence benefits under certain chosen by the Participant; one of the payment options described in Sectior:1 7,02 on the (d) Payments equal to payments made by the issuer of a last day of the month following a determination of disability retirement annuity policy acquired by the Employer; by the Employer, The Participant's request for such (e) Any other payment option elected by the Participant determination must be made within a reasonable time after and agreed to by the Employer. the impairment which constitutes the disability occurs, A Participant shall be considered disabled for purposes of this A Participant's election of a payment option must be made at Plan if he is unable to engage in any substantial gainful least 30 days before the payment of benefits is to commence. activity by reason of any medically determinable physical or If a Participant fails to make a timely election of a payment mental impairment which can be expected to result in death option, benefits shall be paid monthly under option (c) above or be of long-continued and indefinite duration, The for a period of five years. disability of any Participant shall be determined in 7.03 Limitation on Options: No payment option may be selected accordance with uniform principles consistently applied and upon the basis of such medical evidence as the Employer by the Participant under Section 7,02 unless the present value deems necessary and desirable. of the payments to the Participant. determined as of the date benefits commence, exceeds 50 percent of the value of the 7.07 Unforeseeable Emergencies: In the event an unforeseeable Participant's Account as of the date benefits commence. emergency occurs, a Participant may apply to the Employer Present value determinations under this Section shall be to receive that part of the value of his account that is made by the Administrator in accordance with the expected reasonably needed to satisfy the emergency need, If such an return multiples set forth in section 1,72-9 of the Federal application is approved by the Employer. the Participant shall Income Tax Regulations (or any successor provision to such be paid only such amount as the Employer deems necessary regulations). to meet the emergency need. but payment shall not be made to the extent that the financial hardship may be relieved 7.04 Post-retirement Death Benefits: Should the Participant die through cessation of deferral under the Plan, insurance or after he has begun to receive benefits under a payment other reimbursement, or liquidation of other assets to the option, the remaining payments. if any, under the payment extent such liquidation would not itself cause severe financial option shall be payable to the Participant's Beneficiary hardship. An unforeseeable emergency shall be deemed to commencing within 60 days after the Administrator receives involve only circumstances of severe financial hardship to the proof of the Participant's death, unless the Beneficiary elects Participant resulting from a sudden and unexpected illness or payment under a different payment option at least 30 days accident of the Participant or of a dependent (as defined in prior to the date that the first payment becomes payable to section 152(a) of the Internal Revenue Code) of the the Beneficiary. In no event shall the Employer or Participant, loss of the Participant's property due to casualty, Administrator be liable to the Beneficiary for the amount of or other similar and extraordinary unforeseeable circum- any payment made in the name of the Participant before the stances arising as a result of events beyond the control of the Administrator receives proof of death of the Participant. Participant. The need to send a Participant's child to college Notwithstanding the foregoing. payments to a Beneficiary or to purchase a new home shall not be considered shall not extend over a period longer than (i) the Beneficiary's unforeseeable emergencies. The determination as to life expectancy if the Beneficiary is the Participant's spouse whether such an unforeseeable emergency exists shall be or (ii) fifteen (15) years if the Beneficiary is not the based on the merits of each individual case, Participant's spouse. If no Beneficiary is designated in the Joinder Agreement, or if the designated Beneficiary does not VIII. NON-ASSIGNABILITY survive the Participant for a period of fifteen (15) days, then the commuted value of any remaining payments under the No Participant or Beneficiary shall have any right to commute, payment option shall be paid in a lump sum to the estate of sell, assign, pledge. transfer or otherwise conveyor encumber the the Participant. If the designated Beneficiary survives the right to receive any payments hereunder. which payments and Participant for a period of fifteen (15) days. but does not rights are expressly declared to be non-assignable and non- continue to live for the remaining period of payments under transferable, the payment option (as modified, if necessary, in conformity IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT with the third sentence of this section), then the commuted AGREEMENTS value of any remaining payments under the payment option shall be paid in a lump sum to the estate of the Beneficiary, This Plan serves in addition to any other retirement, pension, or benefit plan or system presently in existence or hereinafter 7.05 Pre-retirement Death Benefits: Should the Participant die established for the benefit of the Employer's employees, and before he has begun to receive the benefits provided by participation hereunder shall not affect benefits receivable under 3