This excerpt taken from the GIS 10-K filed Jul 28, 2005.
ARTICLE II – BENEFITS
2.01
Surviving Spouse’s Benefit
Upon the death of a Participant of the Plan, the Surviving Spouse
shall be entitled to receive a monthly benefit equal to one-twelfth (1/12) of twenty-five percent (25%) of the Participant’s
Final Average Earnings.
2.02
Surviving Spouse’s Benefit Payment
Upon receipt of written proof of the death of the Participant
satisfactory to the Plan Administrator, the Surviving Spouse’s benefit shall become payable as of the first day of the
calendar month next following the date of death of the Participant and the last payment shall be made as of the first day of the
calendar month in which the Surviving Spouse’s death occurs. This benefit shall continue to be payable in the event the
Surviving Spouse remarries.
2.03
Dependent’s Benefit
In the event there is no Surviving Spouse of the Participant or in
the event the Surviving Spouse thereafter dies and there are one or more Dependents, a monthly benefit equal to one-twelfth (1/12)
of twelve and one-half percent (12 ½%) of the Participant’s Final Average Earnings shall be paid to Participant’s
Dependents, apportioned equally among such Dependents, so long as they qualify as dependents as defined herein. Any adjustment in
the benefit caused by the change in the number of Dependents as determined by the Administrator shall take effective immediately.
2.04
Dependent’s Benefits Payment
Upon receipt of written proof of the status of persons as
Dependents satisfactory to the Plan Administrator, and where such has not previously been furnished written proof of the death of
the Participant, the Dependent’s benefits shall become payable as of the first day of the calendar month next following the
death of the Participant if there is no
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Surviving Spouse or as of the first day of the calendar month next
following the death of the Surviving Spouse.
2.05
Benefit Reduction
Any benefit payable hereunder shall be reduced by amounts payable
under all other Company-paid survivor income benefit plans, including qualified and nonqualified pension plans, international
retirement plans and Company-paid individual life insurance policies. Any amounts payable from Company-paid defined contribution
plans shall be restated to a monthly benefit basis. Amounts payable under Company-paid group life insurance policies shall not
reduce benefits payable hereunder.
2.06
Payment to Trusts
A Participant may, upon written notice to the Administrator,
direct that the benefits payable hereunder be paid to a trust, provided that at the time of such designation, the Administrator
shall be furnished a copy of the trust instrument for review and approval. The trust instrument must provide that the benefits
payable hereunder shall accrue to the Surviving Spouse or Dependents to the same extent and manner as if the said benefits were
paid in accordance with this Plan. Payments of benefits to such trust shall discharge the Company from all liability or obligation
to the extent of the amount so paid.
2.07
Minority or Incompetency Payment
If any benefit is payable to a minor or to a person otherwise
incapable of giving a valid release for any payment due, and until a claim is made by a duly appointed guardian or committee of
such person, payment may be made to such person or to any person or institution appearing to the Administrator to have assumed the
custody and principal support of such person, and the liability of the Company shall be discharged to the extent of the amount so
paid.
