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DTV » Topics » Preretirement Survivor Benefit

This excerpt taken from the DTV 10-K filed Mar 1, 2005.

Preretirement Survivor Benefit

 

6.1 Preretirement Survivor Benefit. Subject to the Deduction Limitation, the Participant’s Beneficiary shall receive a Preretirement Survivor Benefit equal to the Participant’s remaining Account Balance if the Participant dies before payment of the Participant’s entire Account Balance.

 

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Hughes Electronics Corporation

Executive Deferred Compensation Plan

Master Plan Document

 

6.2 Payment of Preretirement Survivor Benefit. A Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive the Preretirement Survivor Benefit in a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15 years. The Participant may annually change his or her election to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that any such Election Form is submitted at least 1 year prior to the Participant’s death and is accepted by the Committee in its sole discretion. The Election Form most recently accepted by the Committee at least 1 year prior to the Participant’s death shall govern the payout of the Preretirement Survivor Benefit. If a Participant does not make any election with respect to the payment of the Preretirement Survivor Benefit, then such benefit shall be payable pursuant to an Annual Installment Method of 15 years. The lump sum payment shall be made, or installment payments shall commence, no later than 90 days after the last day of the Plan Year in which the Participant dies. Any payment made shall be subject to the Deduction Limitation. Notwithstanding anything in this Plan to the contrary, a Participant’s Long-Term Achievement Plan Account and Restricted Stock Unit Account shall be distributed only in Stock.

 

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