|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the PNC 10-K filed Mar 2, 2009. DISTRIBUTIONS; VESTING 4.1 Vesting. Amounts in a Participant’s Account shall vest in accordance with the vesting schedule as defined in the Pension Plan. 4.2 Distribution at Severance from Service Other Than Death or Total Disability. A Participant’s vested Account will be distributed in cash. Vested amounts deferred prior to January 1, 2005 will be paid at such time and in such manner as benefits are paid to the Participant under the Pension Plan. Amounts deferred or first vesting beginning with January 1, 2005 will be distributed to the Participant in a single lump-sum payment as soon as administratively practicable following, but no later than ninety (90) days after, the date that is six months after the date of a Participant’s Severance from Service other than as a result of the Participant’s death or Total Disability. 4.3 Distribution At Severance from Service Due to Total Disability. If a Participant incurs a Severance from Service as a result of a Total Disability, vested amounts deferred prior to January 1, 2005 will be paid at such time and in such manner as benefits are paid to the Participant under the Pension Plan. Amounts deferred or first vesting on or after January 1, 2005 will be distributed to the Participant in a single lump-sum payment as soon as administratively practicable following, but no later than ninety (90) days after, the first day of the month coincident with or next following the date on which the Participant attains the maximum age for which benefits could be payable to such Participant under the Employer’s applicable long-term disability plan as a result of such Total Disability, regardless of whether the Participant ceases to receive long-term disability benefits prior to attaining such maximum age. 4.4 Distribution At Death. In the event of the Participant’s death prior to the distribution of his Account, amounts deferred and vested prior to January 1, 2005 will be paid to the Participant’s Beneficiary or Beneficiaries under the Pension Plan at such time and in such manner as benefits are paid to such Beneficiary or Beneficiaries under the Pension Plan, and amounts deferred or first vesting on or after January 1, 2005 will be distributed to the Participant’s Beneficiary or Beneficiaries hereunder in a single lump-sum payment as soon as administratively practicable following, but no later than ninety (90) days after, the Participant’s death
|
| |||||||
