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

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26 (b) In the event that the Beneficiary dies before the payment of death benefits has commenced or been completed, the remaining benefits payable under the payment option applicable to the Beneficiary shall, subject to the requirements set forth in Section 7.04, be paid co an additional beneficiary designated by the Beneficiary. If no additional beneficiary is named, payment shall be made to the Beneficiary's estate in a lump stem. (c) In the event that the Participant's estate is the Beneficiary, pa}'ment shall be made to the estate in a lump sum. 7.OG Pre-Retirement Death Benefits. (a) Should the Participant die before he or she has begw~ to receive the benefits provided by Section 7.01, the value of the Participant's Account shall be payable to the Beneficiary commencing not later than December 31 of the year following the }'ear of the Participant's death, provided that the Beneficiary may elect to begin benefits earlier than that date. (b) In the event that the Beneficiary dies before the payment of death benefits has commenced or been completed, the remaining value of the Participant's Account shall be paid to the estate of the Beneficiary in a lump sum. In the event that the Participant's estate is the Beneficiary, payment shall be made to the estate in a lamp sum. 7.07 Unforeseeable Emergencies. (a} In the event an unforeseeable emergency occurs, a Participant or Beneficiary ma}= apply to the Emplo}=er to receive that part of the value of his or her Account that is reasonably needed to satisfy the emergent}' need. If such an application is approved by the Employer, the Participant or Beneficiary shall be paid only such amount as the Emplo}=er deems necessary to meet the emergency need, but payment shall not be made to the extent that the financial hardship maybe relieved through cessation of deferral under the flan, insurance or other reimbursement, or liquidation of other assets to the extent such liquidation would not itself cause severe financial hardship. (b) An unforeseeable emergency shall be deemed to involve only circumstances ofsevere financial hardship of a Participant or Beneficiary resulting from an illness or accident of the participant or beneficiary, the Participant's or Beneficiary's spouse, or the Participant's or Beneficiarys dependent (as defined in Section 152 of the Code, and, for taxable }=ears beginning on or after Januar}> 1, 2005, tivithout regard to Sections 152(6) (1), (b)(2), and (d}(1){B) of the Code); loss of the Participant's or Beneficiar}='s property due to casualty {including the need to rebuild a home following damage to a home not otherwise covered by homeowner's insurance, e.g., as a result of a »atural disaster); or other similar extraordinary= and unforeseeable circumstances arising as a result of events be}=ond the control of the Participant or the Beneficiary. For example, the imminent foreclosure of or e~=fiction from the Participant's or Beneficiarys primary residence may constitute an unforeseeable emergency: Li addition, the need to pay For medical expenses, including non-refundable deductibles, as well as for the cost of prescription drag medication, may constitute an unforeseeable emergency: Fitiall}; the need to pay for the funeral expenses of a spouse or a dependent (as defined in section 152 of the Code, and, for taxable years beginning on or after January 1, 2005, without regard to Sections 152(b)(I), (b)(2), and (d)(1)(B) of the Code} mad=also constitute an unforeseeable emergency. Except as otherwise specifically= provided in this Section 7.07{b), the purchase of a home and the payment of college tuition are not unforeseeable emergencies. 7.08 In-Service Distribution of Rollover Contributions, EfFective January 1, 2006, the Employer ma}> elect to allow Participants to receive an in-service distribution of amounts attributable to rollover contributions to the Plan. If the Employer has elected to make such distributions available, a Participant drat has a separate account attributable to rollover contributions to the PIan may ar any= time elect to receive a distribution of all or any=portion of the amount held in the rollover account. 7.09 In-Service Distribution to Participants Age 70'/z or Older. f\ Participant ~vho has reached age 70+/a and has not y=et had a Scvcra+ice Event, may, at any= rime, request a distribution of all or a part of his or her Accotuu. A Participant may only receive nvo (2) such distributions pursuant to this Section 7.09 in any calendar }ear. It