Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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25 Notwithstanding the foregoing, the Administrator, in order to ensure tine orderly administration of this provision, ma}~ establish a deadline after which such election to defer the commencement of distribution of benefits shall not be allowed. (b) Louts: Notwithstanding the foregoing provisions of this Section 7.01, no election to defer the commencement of benefits after a Severance Event shall operate to defer the distribution of any amount in the Participant's loan account in the event of a default of the Participant's loan. 7.02 Payment Options. As provided in Sections 7.0I, 7.04 and 7.05, a Participant may elect to have ti~alue of the Participants Account distributed in accordance with one of the follo«ng payment options, provided that such option is consistent tivith the limitations set forth in Section 7.03: {a) Equal monthl}; quarterly; semi-annual or annual pa}~ments in au amount chosen by the Participant, continuing until his or her Account is exhausted; (b} .One lump-stun payment; (c) Approximately equal monthly, quarterly, semi-annual or at2nual payments, calculated to continue for a period certain chosen by the Participant; (d} Annual Payments equal to the minimum distributions required under Section 401(x)(9) of the Code, including the incidental death benefit requirements of Section 401{a}(9}(G}, over the life expectanry of the Participant or over the life expectancies of the Participant and his or her Beneficiary; (e) Payments equal to payments made by the issuer of a retirement annuity policy acquired by the Employer; (f) A split distribution under «~hich payments under options (a), (b), (c) or {e) commence or are made at the same time, as elected by the Participant under Section 7.01, provided that afl payments commence {or are made) by the latest benefit commencement date permitted under Section 7.01; (g) Atiy other pa}mient option elected by the Participant and agreed to by the Employer and Administrator. A Participants selection of a payment option under Subsections (a), (c), or (g) above may include the selection of an automatic annual cost-of living increase. Such increase will be based on the rise in the Consumer Price Index for All Urban Consumers (CPI-U) from the third quarter of the last year in which acost-of-living increase was provided to the third quarter of the current year. Any increase will be made in periodic payment checks beginning the following January: 7.03 Limitation on Options. No pa}~ment option may be selected by a Participant tuider subsections 7.02(x) or (c) unless the amount of any installment is not less than $ I00. No payment option may be selected by a Participant under Sections 7.02, 7.04, or 7.05 unless it satisfies the requirements of Sections 401(a)E9) and 457(d)(2} of the Code, including that payments conunencing before the death of the Participant shall satisfy the incidental death benefit requirements wider Section 401(a)(9)(G) of the Code. 7.x4 Minimum Required Distributions. Notvithstandingony provision of the Plan to the contrar}; the Plan shall comply with the minimum required distribution rules set forth in Sections 457(4){2) and 401(x)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code. 7.05 Post-Retirement Death Benefits. (a) Should the Participant die after he or she has begun to receive benefits under a payment option, the remaining payments, if an}; utrder the payment option shall continue until the Administrator receives notice of the Participant's death. Upon notification of the Participant's death, benefits shall be payable to the Participant's Beneficiary commencing not later than December 31 of the year following the year of the Participant's death, provided that the Beneficiary may elect to begin benefits earlier than that date. 10