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DIS » Topics » 5.3 Form of Payment

These excerpts taken from the DIS 10-K filed Nov 20, 2008.

5.3 Form of Payment

 

(a) Default Form of Payment.

 

  (1)

If a Participant’s Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1), the Participant’s Retirement Income shall be paid in the form of a 50% Joint and Survivor Annuity if the Participant has a Spouse on the Benefit Calculation Date, and in the form of a Single Life Annuity if the

 

14

 

Participant does not have a Spouse on the Benefit Calculation Date. In lieu of this default payment form, the Participant may timely elect an optional form of payment in accordance with subsections (b) and (c).

 

  (2) If a Participant’s Retirement Income is payable due to a Change in Control under Plan section 5.2(a)(2), the Participant’s Retirement Income shall be paid in the form of a single lump sum payment.

 

(b) Optional Form of Payment. A Participant whose Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1) may elect before his Payment Date, in accordance with any election timing restrictions imposed by the Plan, to have his vested Retirement Income paid in any of the following Actuarially Equivalent forms of payment:

 

  (1) Single Life Annuity;

 

  (2) 50% Joint and Survivor Annuity;

 

  (3) 75% Joint and Survivor Annuity;

 

  (4) 100% Joint and Survivor Annuity; or

 

  (5) 10-Year Certain and Life Annuity.

 

(c) Joint/Contingent Annuitant. If a Participant elects an optional form of payment that does or may provide a survivor benefit, the Participant’s election shall not be valid unless the Participant also specifies a Joint/Contingent Annuitant.

 

(d) Form of Payment Adjustments. Any adjustments to the amount of Retirement Income otherwise payable under this Article 5 as a result of the form of payment selected shall be calculated using reasonable Actuarially Equivalent factors. The amount of Retirement Income shall be adjusted on an Actuarially Equivalent basis.

 

(e) Cash Payments. All benefit payments hereunder shall be made in cash.

5.3 Form of Payment

 

(a) Default Form of Payment.

 

  (1)

If a Participant’s Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1), the Participant’s Retirement Income shall be paid in the form of a 50% Joint and Survivor Annuity if the Participant has a Spouse on the Benefit Calculation Date, and in the form of a Single Life Annuity if the Participant does not have a Spouse on the Benefit Calculation Date. In lieu of

 

15

 

this default payment form, the Participant may timely elect an optional form of payment in accordance with subsections (b) and (c).

 

  (2) If a Participant’s Retirement Income is payable due to a Change in Control under Plan section 5.2(a)(2), the Participant’s Retirement Income shall be paid in the form of a single lump sum payment.

 

(b) Optional Form of Payment. A Participant whose Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1) may elect before his Payment Date, in accordance with any election timing restrictions imposed by the Plan, to have his vested Retirement Income paid in any of the following Actuarially Equivalent forms of payment:

 

  (1) Single Life Annuity;

 

  (2) 50% Joint and Survivor Annuity;

 

  (3) 75% Joint and Survivor Annuity;

 

  (4) 100% Joint and Survivor Annuity;

 

  (5) 5-Year Certain and Life Annuity;

 

  (6) 10-Year Certain and Life Annuity;

 

  (7) 15-Year Certain and Life Annuity; or

 

  (8) 20-Year Certain and Life Annuity.

 

(c) Joint/Contingent Annuitant. If a Participant elects an optional form of payment that does or may provide a survivor benefit, the Participant’s election shall not be valid unless the Participant also specifies a Joint/Contingent Annuitant.

 

(d) Form of Payment Adjustments. Any adjustments to the amount of Retirement Income otherwise payable under this Article 5 as a result of the form of payment selected shall be calculated using reasonable Actuarially Equivalent factors. The amount of Retirement Income shall be adjusted on an Actuarially Equivalent basis.

 

(e) Cash Payments. All benefit payments hereunder shall be made in cash.

5.3 Form of Payment

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 





(a)Default Form of Payment.

 






 (1)

If a Participant’s Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1), the Participant’s Retirement Income shall be
paid in the form of a 50% Joint and Survivor Annuity if the Participant has a Spouse on the Benefit Calculation Date, and in the form of a Single Life Annuity if the Participant does not have a Spouse on the Benefit Calculation Date. In lieu of

 


15











 


this default payment form, the Participant may timely elect an optional form of payment in accordance with subsections (b) and (c).

 






 (2)If a Participant’s Retirement Income is payable due to a Change in Control under Plan section 5.2(a)(2), the Participant’s Retirement Income shall be paid in the form
of a single lump sum payment.

 





(b)Optional Form of Payment. A Participant whose Retirement Income is payable due to a Payment Event under Plan section 5.2(a)(1) may elect before his Payment Date,
in accordance with any election timing restrictions imposed by the Plan, to have his vested Retirement Income paid in any of the following Actuarially Equivalent forms of payment:
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 






 (1)Single Life Annuity;

 






 (2)50% Joint and Survivor Annuity;

 






 (3)75% Joint and Survivor Annuity;

 






 (4)100% Joint and Survivor Annuity;

 






 (5)5-Year Certain and Life Annuity;

 






 (6)10-Year Certain and Life Annuity;

 






 (7)15-Year Certain and Life Annuity; or

 






 (8)20-Year Certain and Life Annuity.

 





(c)Joint/Contingent Annuitant. If a Participant elects an optional form of payment that does or may provide a survivor benefit, the Participant’s election shall not
be valid unless the Participant also specifies a Joint/Contingent Annuitant.

 





(d)Form of Payment Adjustments. Any adjustments to the amount of Retirement Income otherwise payable under this Article 5 as a result of the form of payment selected
shall be calculated using reasonable Actuarially Equivalent factors. The amount of Retirement Income shall be adjusted on an Actuarially Equivalent basis.

 






(e)Cash Payments. All benefit payments hereunder shall be made in cash.

FACE="Times New Roman" SIZE="2">5.4 Benefit Cash-out

Notwithstanding the time and form of payment determined pursuant to this Article 5, if the
Actuarially Equivalent lump sum present value of all nonqualified deferred compensation plan benefits that the Participant (or his Joint/Contingent Annuitant) is entitled to receive under all nonaccount balance plans of the Company and all
Affiliates, that must be aggregated for purposes of Treasury Regulations section 1.409A-1(c)(2), is less than the Code section 402(g)(1)(B) limit as of the Benefit Calculation Date, the Company may, in its sole discretion, distribute the
Participant’s Retirement Income to him (or his Joint/Contingent

 


16








Annuitant) in a single lump sum payment; provided, however, that all of the Participant’s other nonaccount balance nonqualified plan benefits are also
paid in a single lump sum payment as of the same date.

 


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EXCERPTS ON THIS PAGE:

10-K (3 sections)
Nov 20, 2008

RELATED TOPICS for DIS:

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