This excerpt taken from the PNC 10-K filed Mar 2, 2009.
ELECTIONS AS TO TIME AND FORM OF PAYMENT; HARDSHIP
Participants under the Plan may elect, during the Applicable Election Period, to make an initial payment election as to (i) the timing of payment of their benefits under this Plan and (ii) the form in which benefits are to be paid (consistent with the provisions of Section 3 or Section 4, as applicable). The Applicable Election Period for Participants in the Plan as of December 7, 2005 was the period that began on that date and ended on December 31, 2005. The Applicable Election Period for Participants who first became Participants in the Plan after December 7, 2005 is the thirty (30) day period commencing on the date of their participation. Participants who failed to make an initial payment election during their Applicable Election Period are deemed to have made an initial payment election to receive their benefits in a single lump-sum payment six (6) months after their Vested Termination of Employment.
A Participant may elect to change the timing and form of the payment of benefits hereunder (consistent with the applicable
provisions of Section 3 or Section 4, as applicable) from the initial payment election made (or deemed to be made) under Section 10.1; provided, however, that, except as specified in the last sentence of this Section 10.2, (i) such change election must be made no later than twelve (12) months prior to the date on which his or her benefits would otherwise be paid or would commence under the initial payment election, (ii) such change election is not effective unless twelve (12) months have elapsed from the date on which the change election is made, (iii) such change election defers the date on which his or her benefits will be paid or will commence at least five (5) years from the date on which his or her benefits would otherwise have been paid or would have commenced under the initial payment election. A Participant may also elect, no more than once, to change the timing and form of a revised payment election made under the preceding sentence, subject to the same requirements set forth in such preceding sentence (with references to the initial payment election under Section 10.1 being deemed for such purpose to refer to the first revised payment election). The requirements set forth in the preceding sentences will not apply (i) to an election by a Participant under section 4 to change from one form of annuity payment to a different form of annuity payment available under the Pension Plan, provided that both such annuity payments qualify as life annuities within the meaning of Internal Revenue Code Section 409A and regulations thereunder, or (ii) to a transition election made under Section 19.10; provided, that a Participant who has made such a transition election shall be treated thereafter under this Section 10.2 as if he had made an election change under the first sentence of this section (i.e., he will only be permitted to make one additional election change thereafter, other than an election among different forms of annuity permitted under (i) above).
Upon approval by the Plan Manager, in his or her sole and absolute discretion, payment of a Participants Deferred Benefits under the Plan will be made in the event of a Participants Hardship. Payment of any Hardship distribution will be made in a single lump sum as soon as administratively feasible, but no later than ninety (90) days, after approval.