This excerpt taken from the ALL 8-K filed Sep 19, 2008.
A. Subject to Sections V.D, V.E and V.F, amounts reflected in a Participants Non-Grandfathered Account(s) shall be distributed (if a lump sum) or commence (if installments), as the case may be, as of the Distribution Date specified in the Participants Notice of Election form and/or Subsequent Election Form then in effect with respect to such Account(s).
B. Subject to Sections V.D, V.E and V.F, payment of the amount in each Account shall be either in the form of a lump sum or in annual installments over a period of years not to exceed ten (10) years as selected by the Participant in the applicable Notice of Election form or, with respect to Non-Grandfathered Accounts, a Subsequent Election Form. The amount of any installment payment shall be determined by multiplying the amount to which the Participant would be entitled as a lump sum (which amount includes earnings credited thereon) on the installment date by a fraction, the numerator of which is one and the denominator of which is the number of remaining unpaid installments.
C. In accordance with such procedures as the Committee may prescribe from time to time, Participants may elect to delay the Distribution Date or change the form of payment of amounts reflected in a Non-Grandfathered Account by submitting a Subsequent Election Form, subject to the following limitations:
1. Such Subsequent Election Form must be filed by the Participant with the Secretary at least 12 months prior to the Distribution Date then in effect with respect to such Non-Grandfathered Account (or by such earlier date as the Committee may prescribe from time to time) and such Subsequent Election Form will not become effective until at least 12 months after the date on which the election is made; and
2. The new Distribution Date shall be a date that is not less than five (5) years from the Distribution Date then in effect with respect to amounts in the Participants Non-Grandfathered Account to which the Subsequent Election Form relates.
For avoidance of doubt, to the extent a Participant elects to change the form of payment of a Non-Grandfathered Account from installments to a lump sum, Section V.C.2 requires that the new Distribution Date upon which such lump sum
will be distributed may not be less than five (5) years from the date the first installment would have occurred absent the filing of the Subsequent Election Form.
A Participant may elect to delay the Distribution Date or change the form of payment of amounts reflected in a Non-Grandfathered Account pursuant to this Section V.C more than once, provided all such elections comply with the provisions of this Section V.C.
It is the Companys intent that the provisions of this Section V.C comply with the subsequent election provisions in Code Section 409A(a)(4)(C), related regulations and other applicable guidance, and this Section V.C shall be interpreted accordingly. The Committee may impose additional restrictions or conditions on a Participants ability to elect a delayed Distribution Date or to change a form of payment pursuant to this Section V.C. The Participant may revoke or change his or her election pursuant to this Section V.C at any time prior to the deadline for making such election, subject to such restrictions as the Committee may prescribe from time to time. Any such revocation or change shall be made in a form and manner determined by the Committee.
D. Notwithstanding anything herein to the contrary, distribution of Grandfathered Accounts shall commence as of the Distribution Date specified by the Participant in said Participants applicable Notice of Election form. Any such Distribution Date shall be no later than one year after the Participants termination from the Board of Directors of the Company. The Participant may revise the terms of distribution of the Participants Grandfathered Account by submitting a revised Notice of Election, provided that (i) the revised Notice of Election form shall be filed by the Participant with the Secretary not later than twelve months prior to the Participants normal retirement date from the Board of Directors of the Company, and (ii) in any event, distribution of the Participants Grandfathered Account shall not commence earlier than twelve months after the Participants revised Notice of Election form is filed with the Secretary.
E. Notwithstanding a Participants election to receive amounts at another time or in another form, in the event of the Participants death or Disability prior to the Distribution Date or after annual installments to the Participant have commenced but before full distribution has been made, the then remaining balance in each of the Participants Accounts shall be paid in a lump-sum, in the event of a Disability to the Participant or the Participants lawful guardian, and in the event of the Participants death, to the Beneficiary or contingent Beneficiary designated in the Notice of Election form, or to the estate of the deceased Participant if there is no surviving Beneficiary or contingent Beneficiary. In either such event the lump sum payment shall be valued as of the first day of the month following the Participants date of death or determination of Disability. Payment of amounts in a Participants Non-Grandfathered Account upon death or Disability shall be paid
within 90 days following the date of the Participants death or Disability; provided that neither the Participant nor any other recipient of any amounts payable from the Non-Grandfathered Account shall have the right to designate the taxable year of such payment. A Participant may change the Beneficiary or contingent Beneficiary from time to time by filing with the Secretary a written notice of such change; provided, however, that no such notice of change of Beneficiary shall be effective unless it had been received by the Secretary prior to the date of the Participants death.
F. Upon demonstration of an Unforeseeable Emergency by a Participant to the Committee, (i) distribution of a Participants Non-Grandfathered Account (or a portion thereof), or the remaining balance of any unpaid installments (or a portion thereof), as the case may be, may be made in a lump sum to the extent reasonably necessary to satisfy the Unforeseeable Emergency and (ii) distribution of a Participants Grandfathered Account, or the remaining balance of any unpaid installments, as the case may be, may be made in a lump sum.
G. Notwithstanding anything in the Plan to the contrary, if it is not possible to make a payment to a Participant from a Non-Grandfathered Account on the date specified, payment shall be made as soon as practicable thereafter, but in all events no later than sixty (60) days thereafter, provided that neither the Participant nor any Beneficiary may elect, directly or indirectly, when within such period payment shall be made.