Retirement Savings Plan Summary Plan Description

6.9 Forms of Distributions

If you are eligible for a distribution as described in paragraph 6.1 to 6.4, subject to any spousal consent requirement that may apply, you may choose to receive your distribution in any of the following forms:

  1. a single life annuity payable over your lifetime;
  2. a joint and 50%, 75% or 100% survivor annuity payable over the joint lives of you and your spouse or other beneficiary;
  3. a single sum distribution of any amount once in a 12 consecutive month period including a complete lump sum distribution of your Account; and
  4. payment in multiples of $100 per month until your Account is exhausted.

If you are married with an Account balance exceeding $5,000, the default form of benefit is a joint and 50% survivor annuity. Your spouse must consent to any benefit form other than a joint and survivor annuity, and the consent must be witnessed by a Plan representative or a notary public. All annuity forms of benefit (other than a pension enhancement described in paragraph 6.6) are obtained by purchasing, with your Account, an annuity contract from a commercial insurance company that will pay a monthly benefit to you during your lifetime, then a monthly benefit to your surviving spouse for his or her remaining lifetime that is equal to the payment made to you multiplied by the survivor annuity percentage. If you elect a joint and survivor annuity and an annuity contract is purchased by the Plan on your behalf, you will not later be allowed to change the benefit, even if your spouse dies before you or you later divorce your spouse, and even if you remarry.