Agenda - Council - 02/25/1986 - Laserfiche WebLink

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~',~,',~ I( tl~ [ ~:; '~'!,~ R,' "~ 'v.~.rl~ *~,.1~, ~A,',,.,~,,~.l,, ,. OphOn~. prowOPd thal luCt, opl~oh I~ COnS~l('nl with the hmdlhon$ lei Iotlh m ~cl~on 7 03 ~ymenl~ In In ImOunl chose~ by the Pirhclp~nl. conItnutn~ unhl hl~ Acco~nl I~ e~h~usled. Ih) One lump turn p~ymenl. (c) Appto~tmelely equ~I monlhl) quer e~ ~ ~em,-Bn~u~l O~ lnnuB~ peymenls, c~lculeled lo conhnue tot ~ pe~od cerla~n chosen by Ihe P~H~ctp~nl. (d) P~menIs eflual Io p~menl~ made by the i~sue~ Ote IehremenI ~nnud~ ~hcx ~cQutted by Ihe [mploxe~. Iai Anv other payment ophon elecled bX Ihe P~rhcipanl Ind e~r~d lo bx Ihe Employer A PaM~cipanI'~ eleclion oI ~ p~xmenI O~lion mu~I ~ m~de a? ~asl ~ day~ ~lore Ihe pexmenl ol benehls i~ Iocommence II ~ P~d~ctp~nl fads lo m~e ~ hmeIv ~lechon of ~ p~ymenl ophon. ~nehis ~h~II ~ p~d monlhl~ unde~ ophon (c) ebo~e got ~ pertod of I~e Veers 7.03 LImilllion on Opllong: No p~xmenl ophon may ~ selecled bXI~ P~hcip~nl un~r ~chon 7 0~unless I~ presenIv~lue oI lhe p~vmenls lo l~ PaH~cip~nl. delermtned ~s ol Ihe d~le ~nehls commence, e~ceeds ~ percenI ol I~ ~lue ol the P~cip~nl'~ Accounl as OI I~ dale benehls commence Presenl v~lue deIermin8lions under Ihi~ ~chon ~h~ll ~ made ~X the AdminislreIor m ~ccord~nce ~ilh Ihe e~pecled telurn mulliples ~el loHh i~ ~echon 1.7~-~ Of I~ Federal Income TB~ ~e~ul~hons (Or anX ~ucce~so~ ~fO~i~ion Io ~uch regulahons) 7.~ P~l-reliremenl Bealh Benellls: Should Ihe P~rlicip~nI die ~Ile~ be h~s ~gun lo recei~e ~nehls un~f ~ paymenl ophon, lhe ~emmning p~vmenis, il ~ny, under Ihe p~ymenl oplion sh~ll be p~able lo lhe P~rhcip~ni's Benelici~rV commencmg wilhm 60 days after th~ Admtnistrato~ receives ~oof Of Ihe Pa~cipanl's death, unless lhe Benehciary elecls payment under a dHlerenl paymenl ophon at leasl 30 days prior to the Oate lhal lhe ft~sl payment ~comes payable to lhe Benehciary In no even1 shall t~ Employer or Admintslralor ~ liable to the Benehcta~ fo~ th6 amounl of any payment made in the name of lhe Parhcipant ~for6 lhe Admmtslralor ~etves proof of dealh of the Partictpant Nolwilhslanding Ihe Iotego~ng. payments to a Benehclary s~ll not exlend over a period longer than (i) the Beneficiary's hie expeclancy if Ihe Benehci~ry ~s the Parhcipant's Spouse or (.) hfleen (15) years if Ih~ Benehc~ary is nol the Parhc~panl's spouse If no Benehc~ary ts designaled in the Joinder Agreemenl. or il the designated Benehctarydoes not su~ive Ihe Pad~cipanl lot a pertod of fift~n (15) days. then Ihe commuled value of any remaimng payments under the ~ymenl option shall ~ pard in a lump sum Io Ihe eslale of lhe Participant. II I~ designated Beneficiary survives the Padscipant for a period of hitch (15) days. but d~s not continue Io live for Ihe remaining pertod ol payments under Ihe payment Opbon (as modshed, if necessary, in conformity with Ihe third senten~ of Ihis section), l~n I~ commuted value of any remammg paymenls under Ihe payment Oplion s~ll ~ pa,d in a lump sum lo the estate of lhe Benehc~ary. 7.05 Pre-retir~ent Deelh Beneflla: Should Ihe Parl,cipanl d~e ~fore he has ~gun Io fecewe Ihe beneht~ provided by 7.07 unde~ Sechon 7 OZ. prov~Oed however, fh~l the Ophon chosen by I~ ~enehc~ary musl Prov~e for e~peclency of Ihe Benel,ciary Il Ibp ~enehC~Bry Pe~od nol ,n excess of hfteen (15) yea~s if I~ nol the Perhc,panl S ~pouse Dlilblllly: In Ih~ ~vPnl R ['~, t,c,pant bec Omrs al,sat,laC the COrnmencemenl OI Rehremenl ~nehls und[.r 7 U1. lhe Padloc,peril may elecl Io CommenCe ~nehls one ol lhe paymenl Ophons descried ~n Sechon 7 0~ last day ol I~ monlh IOIIow~ng a ~elerm~nehon Or by Ihe Employer. The Parhc,panl's requesl for ~, delerminal,on must be made wdhm m reasonable hme ate. Ihe Impa~rmenl which conshlutes Ihe d*sabH,ly occu'[ ParllcipanI shall be considered d~sabled for purposes o':' Plan If he is unable Io engage in any ~ubslanha~ acbvily by reason of any med,celly delermmable phys~ mental impairment which Can be expecled Io resull m or ~ Of ~ng-contmued and indehnde Ourahon Tr~ d~sabihly Of any Parhc~panl Shall ~ determme: accordance wdh ~nilorm pr,nc*pies COnSislenlly apphec upon Ihe bas~s of such medical evidence as t~ Empl~r deems necessary and desirable Unforel~able Emergencies: In the event an unfo~esea=- emergency occurs, e Parhc*panI may apply Io lhe 1o race,ye Ihat parl Of lhe value of h~s accounl reasonably needed 1o Sahsfy the emergency nee~ II apphcahon ~s approved by t~ Employer. t~ Par hc,panl s-~ ~ paid only such amount as the Employer deems nece~- to meet lhe emergency need. bul paymenl shall noI be !o Ihe exlenl that Ihe hnancial hardsh,p may be rehe,~ through cessahon of delerra/ under the Plan. insurance olher reimbursement, or liqu~dalion of olher assets tc extenl such hquidahon would nol itself cause severe hardsh,p An unforeseeable emergency sha~i ~Oeeme: involve only OrCumstances Of severe financial ha rdship Participanl resulllng from a sudden and unex~Ie~ iIIne[~ accident of the Parhcipanl or of a dependenl (as dehnez section 152[a] Of lhe Inlernal Revenue Code) of Parhc~pant. loss of the Pad*cipanl's property due Io casu~ or olher s~dar and exlraord~nary unfores~ab~e C~rc_-- stances ar~sm~ as a resul: of events beyond the Participan! The n~d Iosenda Parhc~pantschddlo or to purchase a ne~ home shall not ~ Cons~O~-~ unfores~able emergenc,es The determmahon whelher SuCE ar, ur, fores~able eme~genc) exists Sh~' based on the metals of each individual case VIII. NON-ASSIGNABILITY No Participant or Benehciary shall have any righl Io commu=~ sell. assign, pledge. Iransfer or otherwise convey or encumber t'~ right Io receive any payments hereunder, which payments rights are expressly declared to be non-assignable and lransferable. IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYNiEk~/- AGREEMENTS This Plan serves ~n add,lion !o any other retiremenl, pens,or: e.- beneht plan or SySfem presently in existence Or heremat:.; established for lhe ben,Pf,t of the Employer's emplove~'.s partlcipahon hr'leunOor .c. fiall not alIF'CI henehlS rec~4vahle unr~