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NEW PLAN PROVISIONS BASED ON LEGISLATIVE CHANGES EFFECTIVE JANUARY 1, 2005 |
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Eligibility | o | Executive Officers and Key Employees |
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Deferral Options | o | Up to 90% of Salary; Minimum of 5% |
o | Up to 100% of Bonus; Minimum of 5% |
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Election to Defer | o | Salary: December of prior Year |
o | Bonus: Before March 31st for Accrual Period Ending September 30th |
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Investment
Option | o | Fixed Rate of Interest based on Federal Rate set by Secretary of the Treasury |
o | Current Rate as of January 1, 2005: 4.25%. Rate may change on July 1, 2005. |
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Distribution
Options | o | The Plan now offers an In-Service Distribution Option Account, as well as the Retirement Distribution Account |
o | Each year, you may allocate new deferrals between the In-Service and Retirement Distribution options |
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In-Service
Distribution
Option | o | The earliest you can receive your first In-Service Distribution is 5 years after the year of your deferral. You are eligible to receive your first distribution in 2011 if you choose this option. |
o | You may select a lump sum payment, or annual installments up to 5 years |
o | You may re-defer a scheduled In-Service Distribution if you elect to do so at least 12 months prior to the scheduled payout day and you re-defer for a minimum of 5 years |
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Retirement
Distribution
Option | o | You may elect to have your benefit paid in a lump sum, or in annual installments of 5, 10, 15, or 20 years |
o | If your balance is $50,000 or less, you will automatically be paid in a lump sum, regardless of your prior election |
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Termination of
Employment | o | If you terminate prior to retirement, you will be paid under the manor you elected as your Retirement Distribution Option |
o | If you did not make a Retirement Distribution Option election, or if your balance is $50,000 or less, you will be paid in a lump sum |
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Death Benefit | o | Pre-Retirement: Your beneficiary will be paid under the same manor as you elected for your Retirement Distribution Option. If you did not make an election, or if your account balance is $50,000 or less, your beneficiary will be paid in a lump sum. |
o | Post-Retirement: Your unpaid benefits will continue to be paid to your beneficiary |
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Disability | o | You may file a claim for payment if you meet the definition of disability as established under Section 409A. |
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Hardship | o | You may file a claim for payment if you meet the definition of “unforeseeable financial emergency” as established under Section 409A. |
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