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SWY » Topics » TIME AND FORM OF PAYMENTS OF RETIREMENT BENEFITS

This excerpt taken from the SWY 10-K filed Feb 26, 2008.

TIME AND FORM OF PAYMENTS OF RETIREMENT BENEFITS

 

4.01 Time of Payment of Retirement Benefits

Retirement benefits to which a Participant or Beneficiary is determined to be entitled under Article 2 of this Plan shall be paid, or begin to be paid, within 90 days of the date that Participant Retires.

Effective for Key Employees who Retire after January 1, 2005, all benefits provided under this Plan shall commence within 90 days of the seventh month following the date the Key Employee Retires; provided, however, Section 3.06 shall govern timing of payments of benefits under Article 3.

 

4.02 Form of Payment of Retirement Benefits

 

  (a) Benefits under this Plan shall be paid in the form of a straight life annuity of monthly payments over the lifetime of the Participant, with payments ceasing on the first day of the month following the month in which the Participant dies.

 

  (b) If the Participant is married at the time the benefits become payable, then unless the Participant has elected otherwise (as described below), the Participant’s benefits shall be paid in the actuarially reduced form of a joint and 50% survivor annuity (a “Joint and Survivor Annuity”) payable to the Participant and the Participant’s spouse in the form of monthly payments over the lifetime of the Participant and the Participant’s spouse with payments ceasing on the first day of the month following the month in which the Participant or the Participant’s spouse dies, whichever is later.

 

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  (c) As of January 1, 2005, a married Participant may elect, in writing, not to receive the Joint and Survivor Annuity, and instead to receive the Participant’s benefits in the form of a straight life annuity for the life of the Participant or to receive the Participant’s benefits in the actuarially reduced form of a joint and 100% survivor annuity payable to the Participant and the Participant’s spouse in the form of monthly payments over the lifetime of the Participant and the Participant’s spouse with payments ceasing on the first day of the month following the month in which the Participant or the Participant’s spouse dies, whichever is later. Such election shall become effective 12 months after such election is filed with the Committee and must be filed at least twelve months before the Participant Retires.

 

4.03 Payment of Retirement Benefits upon Death

If a Participant who is entitled to receive retirement benefits under this Plan dies before payment of such benefits begin, the Participant’s surviving spouse shall receive the Actuarial Equivalent of the Participant’s benefits in the form of a straight life annuity, payable during the life of the surviving spouse with payments beginning within 90 days of the month after the Participant’s date of death.

If a Participant who is entitled to receive retirement benefits under this Plan dies before such benefits begin and there is no surviving spouse, his Beneficiary that is not his surviving spouse shall be entitled to receive the Actuarial Equivalent value of the Participant’s benefits in annual installment payments over 10 years (the “Installment Option”). The Installment Option shall be payable as soon as administratively practicable, but no later than 90 days, following the Participant’s date of death.

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