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These excerpts taken from the OKE 10-K filed Feb 25, 2009. Payment of Excess Retirement
Benefit.
A. Subject
to the requirements of Section 3.3 below (six-month required delay of payment
for Specified Employee), a vested Excess Retirement Benefit shall be paid to a
Part A Participant entitled thereto or his/her Beneficiary, commencing on
his/her Normal Specified Distribution Date.
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B. A Part A
Participant shall be allowed to make a Subsequent Election to change the time of
distribution and payment of his/her Excess Retirement Benefit from his/her
Normal Specified Distribution Date to a Subsequent Election Distribution Date
resulting from such election, if:
(i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to his/her Normal Specified Distribution Date, and
(ii) he/she
makes a corresponding Subsequent Election with respect to any Supplemental
Retirement Benefit he/she is entitled to under Part B of the Plan in such
written notification.
C. A
Part A Participant shall be allowed to make a Subsequent Election as to any
Subsequent Election Distribution Date established for the payment of his/her
Excess Retirement Benefit if:
(i) he/she
delivers a written notification of such Subsequent Election to the Committee, or
its designee, in the form it prescribes, not less than twelve (12) months prior
to such Subsequent Election Distribution Date, and
(ii) he/she
makes a corresponding Subsequent Election with respect to any Supplemental
Retirement Benefit he/she is entitled to under Part B of the Plan in such
written notification.
D. Notwithstanding
anything otherwise provided in the Plan or in any Election or Subsequent
Election of a Part A Participant, any Subsequent Election made by a Part A
Participant under the Plan shall result in a Subsequent Election Distribution
Date of his/her Excess Retirement Benefit being established for it, and the
first distribution and payment with respect to which such Subsequent Election is
made being deferred to a Subsequent Election Distribution Date that is not less
than five (5) years from the date such distribution and payment would otherwise
have been made.
E. Except as
otherwise expressly specified in the Plan, a distribution or payment shall be
treated as made upon the date specified under the Plan if the payment is made at
such date or a later date within the same taxable year of the Participant or, if
later, by the 15th day of the third calendar month following the date specified
under the Plan and the Participant is not permitted, directly or indirectly, to
designate the taxable year of the payment. In addition, a distribution or
payment shall be treated as made upon the date specified under the Plan and
shall not be treated as an accelerated payment if the payment is made no earlier
than thirty (30) days before the designated payment date and the Participant is
not permitted, directly or indirectly, to designate the taxable year of the
payment. For purposes of this paragraph, if the date specified is only a
designated taxable year of the Participant, or a period of time during such a
taxable year, the date specified under the Plan is treated as the first day of
such taxable year or the first day of the period of time during such taxable
year, as applicable. If calculation of the amount of the distribution or
payment is not administratively practicable due to events beyond
the
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control
of the Participant (or Participant's beneficiary), the distribution or payment
will be treated as made upon the date specified under the Plan if the
distribution or payment is made during the first taxable year of the Participant
in which the calculation of the amount of the distribution or payment is
administratively practicable. For purposes of this section, the inability of a
Corporation to calculate the amount or timing of a distribution or payment due
to a failure of a Participant (or Participant's beneficiary) to provide
reasonably available information necessary to make such calculation does not
constitute an event beyond the control of the Participant.
3.3 Payment of Excess Retirement Benefit. A. Subject to the requirements of Section 3.3 below (six-month required delay of payment for Specified Employee), a vested Excess Retirement Benefit shall be paid to a Part A Participant entitled thereto or his/her Beneficiary, commencing on his/her Normal Specified Distribution Date. - 6 - - B. A Part A Participant shall be allowed to make a Subsequent Election to change the time of distribution and payment of his/her Excess Retirement Benefit from his/her Normal Specified Distribution Date to a Subsequent Election Distribution Date resulting from such election, if: (i) he/she delivers a written notification of such Subsequent Election to the Committee, or its designee, in the form it prescribes, not less than twelve (12) months prior to his/her Normal Specified Distribution Date, and (ii) he/she makes a corresponding Subsequent Election with respect to any Supplemental Retirement Benefit he/she is entitled to under Part B of the Plan in such written notification. C. A Part A Participant shall be allowed to make a Subsequent Election as to any Subsequent Election Distribution Date established for the payment of his/her Excess Retirement Benefit if: (i) he/she delivers a written notification of such Subsequent Election to the Committee, or its designee, in the form it prescribes, not less than twelve (12) months prior to such Subsequent Election Distribution Date, and (ii) he/she makes a corresponding Subsequent Election with respect to any Supplemental Retirement Benefit he/she is entitled to under Part B of the Plan in such written notification. D. Notwithstanding anything otherwise provided in the Plan or in any Election or Subsequent Election of a Part A Participant, any Subsequent Election made by a Part A Participant under the Plan shall result in a Subsequent Election Distribution Date of his/her Excess Retirement Benefit being established for it, and the first distribution and payment with respect to which such Subsequent Election is made being deferred to a Subsequent Election Distribution Date that is not less than five (5) years from the date such distribution and payment would otherwise have been made. E. Except as otherwise expressly specified in the Plan, a distribution or payment shall be treated as made upon the date specified under the Plan if the payment is made at such date or a later date within the same taxable year of the Participant or, if later, by the 15th day of the third calendar month following the date specified under the Plan and the Participant is not permitted, directly or indirectly, to designate the taxable year of the payment. In addition, a distribution or payment shall be treated as made upon the date specified under the Plan and shall not be treated as an accelerated payment if the payment is made no earlier than thirty (30) days before the designated payment date and the Participant is not permitted, directly or indirectly, to designate the taxable year of the payment. For purposes of this paragraph, if the date specified is only a designated taxable year of the Participant, or a period of time during such a taxable year, the date specified under the Plan is treated as the first day of such taxable year or the first day of the period of time during such taxable year, as applicable. If calculation of the amount of the distribution or payment is not administratively practicable due to events beyond the - 7 - - control of the Participant (or Participant's beneficiary), the distribution or payment will be treated as made upon the date specified under the Plan if the distribution or payment is made during the first taxable year of the Participant in which the calculation of the amount of the distribution or payment is administratively practicable. For purposes of this section, the inability of a Corporation to calculate the amount or timing of a distribution or payment due to a failure of a Participant (or Participant's beneficiary) to provide reasonably available information necessary to make such calculation does not constitute an event beyond the control of the Participant. 3.3 | EXCERPTS ON THIS PAGE:
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