This excerpt taken from the PNC 10-K filed Mar 2, 2009.
Upon Vested Termination of Employment, a Grandfathered Participant will be entitled to a benefit hereunder expressed initially in the form of an annual benefit equal to the greater of:
The amount determined under Section 3.1(b) above will be reduced by the annual amount of any benefit the Grandfathered Participant would have been entitled to receive under the Prior Pension Plan and the Prior Excess Plan, assuming the Grandfathered Participant commenced receiving benefit payments in the form of a single life annuity under such plans at age 62.
Unless otherwise elected, the annual amount payable pursuant to Section 3.1(a) or 3.1(b) and the preceding sentence will be paid in the form of a lump-sum cash payment equal to the present value of such monthly benefit, calculated using the interest rate used under the Prior Pension Plan as of the date the payment is to be made, commencing on the first day of the month coincident with or next following the six-month anniversary of the Vested Termination of Employment of the Grandfathered Participant (or in the case of a Grandfathered Participant who has incurred a Vested Termination of Employment as the result of a Total Disability, commencing on the first day of the month coincident with or next following the date on which the Grandfathered Participant attains the maximum age for which benefits could be payable to such Grandfathered Participant under the Employers applicable long-term disability plan as a result of such Total Disability, regardless of whether the Grandfathered Participant ceases to receive long-term disability benefits prior to attaining such maximum age). Any benefit payment made pursuant to Section 3.1(a) or 3.1(b) that commences prior to a Grandfathered Participants attainment of age 62 will be actuarially reduced in accordance with reduction factors used in the Prior Pension Plan. A Grandfathered Participant may elect, pursuant to Section 10 of the Plan, to receive, in lieu of the lump-sum benefit set forth above, a benefit commencing on the same date and payable in the form of monthly installments over a fifteen (15) year period (180 months), with payment to continue to the Grandfathered Participants Beneficiary for the remainder of such payment period if the Grandfathered Participant dies before receiving 180 monthly payments. The form of benefit elected under this Plan may be different from the basis upon which a Grandfathered Participant receives his or her benefit under the Pension Plan. A Grandfathered Participant also may elect, pursuant to Section 10 of the Plan, to defer the commencement of the payment of his or her benefits.
Upon the death of a Grandfathered Participant prior to payment or commencement of benefits under Section 3.1, his or her Beneficiary will receive a death benefit expressed initially in the form of an annual cash payment equal to the greater of:
The amount determined under Section 3.2(b) above will be reduced by the annual amount of any benefit the Grandfathered Participant would be entitled to receive under the Prior Pension Plan and the Prior Excess Plan.
The benefit will be distributed to the Grandfathered Participants Beneficiary or Beneficiaries in a single lump sum cash payment equal to the present value of the annual cash payment determined above, calculated using the interest rate used under the Prior Pension Plan as of the date the payment is to be made, with such distribution to be made within ninety (90) days after the Grandfathered Participants death.