Agmt04 Separation incentive SIP - Laserfiche WebLink

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(c) Fixed-Term Pavout. Under this form of payment: (1) The Member receives a benefit paid over a designated period of time (not to exceed the member's life expectancy) that is actuarially equivalent to the Normal Form of Benefit. The Plan Administrator shall determine the term of the payment. (2) Any remaining payments in the fixed-term payout schedule shall continue to the Beneficiary or subsequent Beneficiaries in the event of the Member's death. (d) Other Forms of Pavout. Under this form of payment: (1) At the option of the Member, and with agreement of the Plan Administrator, and upon completion of a form provided by the Plan Administrator, the benefit shall be paid in any other form that is actuarially equivalent to the Normal Form of Benefit. ( e) Limitations. In the case of a Member who attains age 70Y2, distribution of such Member's entire interest must commence not later than the first day of April following the later of the calendar year in which such Member attains age 70Y2 or the calendar year in which the Member retires. A Member who previously commenced benefits upon attainment of age 70Y2 may elect to stop receiving such distributions until the April 1 following the calendar year in which the Member retires. In all cases, distributions shall be made in amounts determined in accordance with Code Section 401 (a)(9) and the regulations thereunder. If the Member designates anyone other than the Member's spouse as Beneficiary under any optional form of benefit, the optional form of benefit elected by the Member must provide for distributions to the Member which, as of the Member's required beginning date as defined above, will provide for payments that satisfy the minimum distribution incidental benefit requirements of Section 401 (a)(9) ofthe Code and the regulations thereunder. -7- NB 1 :508358.9 ,." -,