UTR » Topics » SUPPLEMENTAL NON-SPOUSAL BENEFIT

These excerpts taken from the UTR 10-K filed Feb 4, 2009.

SUPPLEMENTAL NON-SPOUSAL BENEFIT

5.1 Death Within 30 Days Before Proposed Retirement Date.

(a) If a married Participant (i) elects a joint and 75% or 100% survivor annuity under the Plan, (ii) properly completes, signs and delivers to the Company all of the relevant distribution forms, as determined by the Company, and (iii) dies within 30 days before the “proposed retirement date” (as hereinafter defined), then the surviving Spouse shall not receive the pre retirement death benefit described in Article IV, but shall, subject to Section 9.10, rather be eligible for the 75% or 100% survivor annuity (based upon the Participant’s election), as if the Participant had begun receiving the joint and 75% or 100% survivor annuity (whichever was elected by the Participant) and then died after the proposed retirement date. If the commencement of a Participant’s benefit is delayed due to the requirement that payment be made no earlier than the first day of the seventh month following the Participant’s Separation from Service, the proposed retirement date shall be the date that payment of such benefit would have commenced but for such requirement.

 

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(b) If an unmarried Participant properly completes and signs and delivers to the Company all of the relevant distribution forms, as determined by the Company, and the Participant dies within 30 days before the proposed retirement date after electing one of the forms of payment described in Section 3.2 which provides for payments to continue after his death, then the Beneficiary designated by the Participant, if any, shall, subject to Section 9.10, be eligible for the applicable benefit selected by the Participant, as if the Participant had begun receiving the selected benefit and then died after the proposed retirement date. Except as otherwise provided in this subsection, if an unmarried Participant dies prior to the actual benefit commencement date, no death benefit shall be payable hereunder.

5.2 Benefit Commencement and Payment Option. Except as otherwise provided in Section 9.10, the benefit provided by this Article shall commence as of the date the Supplemental Retirement Benefit would have commenced had the Participant survived to such date.

5.3 Acceleration Prohibited. Except as otherwise provided in Section 9.10, the acceleration of the time of payment of any portion of a Supplemental Non-Spousal Benefit is prohibited.

SUPPLEMENTAL NON-SPOUSAL
BENEFIT

5.1 Death Within 30 Days Before Proposed Retirement Date.

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">(a) If a married Participant (i) elects a joint and 75% or 100% survivor annuity under the Plan, (ii) properly completes, signs and delivers to
the Company all of the relevant distribution forms, as determined by the Company, and (iii) dies within 30 days before the “proposed retirement date” (as hereinafter defined), then the surviving Spouse shall not receive the pre
retirement death benefit described in Article IV, but shall, subject to Section 9.10, rather be eligible for the 75% or 100% survivor annuity (based upon the Participant’s election), as if the Participant had begun receiving the joint and
75% or 100% survivor annuity (whichever was elected by the Participant) and then died after the proposed retirement date. If the commencement of a Participant’s benefit is delayed due to the requirement that payment be made no earlier than the
first day of the seventh month following the Participant’s Separation from Service, the proposed retirement date shall be the date that payment of such benefit would have commenced but for such requirement.

STYLE="margin-top:0px;margin-bottom:0px"> 


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(b) If an unmarried Participant properly completes and signs and delivers to the Company all of the
relevant distribution forms, as determined by the Company, and the Participant dies within 30 days before the proposed retirement date after electing one of the forms of payment described in Section 3.2 which provides for payments to continue
after his death, then the Beneficiary designated by the Participant, if any, shall, subject to Section 9.10, be eligible for the applicable benefit selected by the Participant, as if the Participant had begun receiving the selected benefit and
then died after the proposed retirement date. Except as otherwise provided in this subsection, if an unmarried Participant dies prior to the actual benefit commencement date, no death benefit shall be payable hereunder.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">5.2 Benefit Commencement and Payment Option. Except as otherwise provided in Section 9.10, the benefit provided by this Article shall
commence as of the date the Supplemental Retirement Benefit would have commenced had the Participant survived to such date.

5.3
Acceleration Prohibited. Except as otherwise provided in Section 9.10, the acceleration of the time of payment of any portion of a Supplemental Non-Spousal Benefit is prohibited.

ALIGN="center">ARTICLE VI

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 4, 2009
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