Defined Contribution Plan Document
DISTRIBUTION OF INDIVIDUAL ACCOUNTS AT DEATH
Section 3: Form of Payment.
Death prior to Commencement of Distribution.
- Payments to surviving spouse.
If the Participant's Beneficiary is his spouse, and the spouse does not
elect otherwise, the Participant's Individual Account will be payable as a
monthly annuity payable for the spouse's lifetime. The spouse may direct
that such payments will commence within a reasonable time following
the Participant's death. In no event will payments commence prior to the
Participant's Normal Retirement Date (or date the Participant would have
attained his Normal Retirement Date) unless the Participant's Individual
Account is $5,000.00 or less, or the spouse consents. Payments will
commence on such Normal Retirement Date if the spouse has not
consented to an earlier distribution.
Instead of the life annuity described above, a spouse may elect to receive
a single sum payment of the Participant's Individual Account. Such
election must be made in writing, witnessed by a notary public, and made
within 90 days preceding distribution.
- Non-spouse Beneficiary.
If the Participant's Beneficiary is not his spouse, payment will be made in
a single sum, as soon as practicable following the Participant's death.