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Distribution Of Account
You
may elect to have the value of your account distributed to you upon retirement
or termination of employment.
If you are married, the normal form of benefit is a 50%
joint and survivor annuity with your spouse as the survivor annuitant. If you
are single, the normal form of benefit is a single life annuity. Alternatively
you may elect, with spousal consent, if you are married, to have your account
distributed in the following optional forms: (1) single lump sum,
(2) single life annuity, (3) a 100%, 66 2/3% or 50% joint and survivor
annuity, (4) an annuity with 120 monthly payments guaranteed, or (5) a
level payment option taking Social Security into account. Annuities payable
under the Supplementary Portion of the Plan are paid through the purchase of an
annuity contract with your distributable Supplementary Portion account balance.
If, however, your account balance is $5,000 or less, your
account will be distributed in one lump sum when you terminate employment.
If you elect or are to automatically receive a lump sum
payment, you may choose to have all or part of that amount paid directly to an
IRA or other eligible retirement plan that accepts such payment, rather than
distributed directly to you, subject to any applicable administrative
limits.
Note that the enhanced survivor benefit described here that now applies in certain circumstances to retirement payments does not
apply to the Supplementary Portion of the Plan.
Payment of your benefits under the Supplementary Portion
of the Plan must begin no later than the later of the close of the Plan Year in
which you attain age 65 or you terminate Company employment, unless you elect to
defer payments. However, you are required by law to commence receiving payments
from your account by the April
1st following the later
of your retirement or attainment of age 70-1/2.
If you are married and die prior to commencement of
benefit payments from your supplementary account, your account will be paid to
your spouse in the form of a "pre-retirement survivor annuity" providing
payments for the life of your spouse (through the purchase of an annuity
contract with your distributable account balance). Alternatively, your spouse
can elect to receive payment in a lump sum. If you are not married or your
spouse has consented to your waiver of the pre-retirement survivor annuity, your
account will be paid to your named beneficiary upon your death. You can waive
the pre-retirement survivor annuity, provided you have spousal consent,
beginning on the first day of the Plan Year in which you attain age 35. If you
elect (with spousal consent) to waive the pre-retirement survivor annuity prior
to age 35, your election will become ineffective following the end of the Plan
Year in which you attained age 34 unless you then renew your election with
spousal consent. Spousal consent only applies to the individual who signed the
consent. If you remarry, you must obtain your new spouse's consent for it to be
effective. Please note, however, that a spouse's rights may be affected by a
prior Qualified Domestic Relations Order (see here.)
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