Pension Plan Document PDF (355 KB)

    

Article IV, Section 5

Section 5. Minimum Distribution Rules.

1. Notwithstanding any provision of the Plan to the contrary, the retirement and death benefits under the Plan may not violate Section 401(a)(9) of the Code including the incidental death benefit requirements of Code Section 401(a)(9)(G), and the regulations thereunder, which regulations are incorporated by reference. The requirements of this Section will take precedence over any inconsistent provisions of the Plan. In accordance with such regulations (as modified by this Section 5(a)), if the joint annuitant is not the Participant's spouse, the Participant may not elect (i) the 100% joint and survivor annuity option (with or without pop-up) if the joint annuitant is more than ten years younger than the Participant; (ii) the 75% joint and survivor annuity option (with or without pop-up) if the joint annuitant is more than 19 years younger than the Participant, or (iii) the 66-2/3% joint and survivor annuity option (with or without pop-up) if the joint annuitant is more than 24 years younger than the Participant.
   
   
2. The Plan will commence benefit payments to each Participant no later than the Participant's Required Beginning Date, whether or not the Participant applies for benefits. The amount of such benefit shall be the amount calculated pursuant to Article IV, Section 1(d) by treating the Required Beginning Date as the Late Retirement Date.
   
   
3. Unless the Participant cannot be located, if a Participant fails to file a completed application for benefits by the Required Beginning Date, the Plan will commence benefit payments on the Participant's Required Beginning Date as follows:
   
   
   1. If the Plan is satisfied that the Participant is not married, benefits shall be paid in the normal form specified in Article IV, Section 1. In any other case, benefits shall be paid in the form of a joint and 50% survivor annuity, calculated on the assumption that the husband is 3 years older than the wife if the Plan does not have any record of the spouse's age.
      
      
   2. The benefit payment form specified here will be irrevocable once it begins, with the sole exception that it may be changed to a normal form if the Participant proves that he was not married on the Required Beginning Date. In addition, the amount of a joint and 50% survivor annuity will be adjusted based on the actual age difference between the Participant and spouse if proven to be different from the foregoing assumptions.
      
      
   3. Federal, state and local income tax, and any other applicable taxes, will be withheld from the benefit payments as required by law or determined by the Trustees to be appropriate for the protection of the Plan and the Participant.