R-1985-22 - Laserfiche WebLink

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e- -- r-:: cably elect within 60 days following Separation from Service to have the distribution of benefits commence on a date other than that described in the preceding sentence which is at least 60 days after the date such election is delivered in writing to the Employer and forwarded to the Administrator but not later than 60 days after the close of the Plan Year of the Participant's Retirement. 7.02 Payment Options: As provided in Sections 7.01,7.05 and 7,06, a Participant may elect to have the value of his Account distributed in accordance with one of the following payment options. provided that such option is consistent with the limitations set forth in Section 7,03: (a) Equal monthly. quarterly, semi-annual or annual payments in an amount chosen by the Participant, continuing until his Account is exhausted: (b) One lump sum payment: (c) Approximately equal monthly, quarterly, semi-annual or annual payments. calculated to continue for a period certain chosen by the Participant: (d) Payments equal to payments made by the issuer of a retirement annuity policy acquired by the Employer: (e) 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 the payment of benefits is to com mence. If a Participant fails to make a timely election of a payment option. benefits shall be paid monthly under option (c) above for a period of five years, 7.03 Limitation on Options: No payment option may be selected by the Participant under Section 7,02 unless the present value of the payments to the Participant. determined as of the dale benefits 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 accordance with the expected return multiples set forth in section 1.72-9 of the Federal Income Tax Regulations (or any successor provision to such regulations). 7.04 Post-retirement Death Benefits: Should the Participant die after he has 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 60 days after the Administrator receives proof of the Participant's death, unless the Beneficiary elects payment under a different payment option at least 30 days prior to the date that the first payment becomes payable to the Beneficiary. In no event shall the Employer or Administrator be liable to the Beneficiary for the amount of any payment made in the name of the Participant before the ,. ... ,t Administrator receives proof of death of the Participant. Notwithstanding the foregoing. payments to a Beneficiary shall not extend over a period longer than (i) the Beneficiary's file expectancy if the Beneficiary is the Participant's spouse or (ii) fifteen (15) years if the Beneficiary is not the Participant's spouse. If no Beneficiary is designated in the Joinder Agreement, or if the designated Beneficiary does not survive the Participant for a period offilleen (15) days, then the commuted value of any remaining payments under the payment option shall be paid in a lump sum to the estate of the Participant. If the designated Beneficiary survives the Participant for a period of lilleen (15) days, but does not continue to live for the remaining period of payments under the payment option (as modified, if necessary, in conformity with the third sentence of this section), then the commuted value of any remaining payments under the payment option shall be paid in a lump sum to the estate of the Beneficiary. 7.05 Pre-retirement Death Benefits: Should the Participant die before he has begun to receive the benefits provided by Sections 7,01 or 7,06. a death benefit equal to the value of the Participant's Account shall be payable to the Beneficiary commencing no later than 60 days after the close of the Plan Year in which the Participant would have attained Normal Retirement Age, Such death benefit shall be paid in a lump sum unless the Beneficiary elects a different payment option within 90 days of the Participant's death. A Beneficiary who may elect a payment option pursuant to the provisions of the preceding sentence shall be treated as if he were a Participant for purposes of determining the payment options available under Section 7.02: provided. however. that the payment option chosen by the Beneficiary must provide for payments to the Beneficiary over a period no longer than the life expectancy of the Beneficiary if the Beneficiary is the Participant's spouse and must provide for payments over a period not in excess of fifteen (15) years if the Beneficiary is not the Participant's spouse, 7.06 Disability: I n the event a Participant becomes disabled before the commencement of Retirement benefits under Section 7,01, the Participant may elect to commence benefits under one of the payment options described in Sectior:1 7,02 on the last day of the month following a determination of disability by the Employer, The Participant's request for such determination must be made within a reasonable time after the impairment which constitutes the disability occurs, A Participant shall be considered disabled for purposes of this Plan If 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 consistently 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 may apply to the Employer to receive that part of the value of his account that is reasonably needed to satisfy the emergency need, If such an application is approved by the Employer. the Participant shall be 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 cause severe financial hardship. An unforeseeable emergency shall be deemed to involve only circumstances of severe financial hardship \0 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 Imernal 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 the control of the Participant. The need to send 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 merits of each individual case, VIII. NON-ASSIGNABILITY No PartiCipant or Beneficiary shall have any right to commute, sell. assign. pledge, transfer or otherWise conveyor encumber the right 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 to any other retirement. pension, or benefll plan or system presenlly in existence or hereinafter established for the benefit of the Employer's employees. and participation hereunder shall not affect benefits receivable under 1E 3 Lb