Reso 2010-068 - Laserfiche WebLink

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ARTICLE 10. PAYMENT OF BENEFITS 10.01. Measure Of Benefits. Except as otherwise indicated, the benefit distributable to a Participant upon Severance From Employment, or to the Participant's Beneficiary or Beneficiaries in the event of the Participant's death, shall be the Participant's Account. 10.02. Method Of Payment Of Benefits. The Administrator shall distribute the Participant's Account in accordance with the method of payment of benefits selected by the Participant (or the Beneficiary of a deceased Participant) in accordance with the provisions of the Plan from among the following: A. Form Of Distribution. Except as otherwise provided under the Plan, the Participant (or where the Participant has died, the Participant's Beneficiary) shall receive the Participant's benefit in the form of: 1. A single sum distribution; 2. Installments; or 3. A combination of a single sum and installments. B. Cash Outs. If the value of the Participant's Account does not exceed one thousand dollars ($1,000), the Administrator may distribute such benefit as soon as is administratively feasible after the Participant's Severance From Employment without such Participant's consent. If the value of the Participant's Account exceeds one thousand dollars ($1,000}, the Participant's benefit may not be paid without the written consent of the Participant. However, if the value of the Participant's Account exceeds one thousand dollars ($1,000) and the Participant has a Severance From Employment and has attained the later of (i) age sixty-two (62) or (ii) Normal Retirement Age, the Administrator may distribute such benefit without the Participant's consent. For purposes of determining the one thousand dollars ($1,000) amount under this Cash Outs subsection, the value of a Participant's Account shall include that portion of the Participant's Account that is attributable to rollover contributions (and earnings allocable there#o) within the meaning of Code sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e}(16). C. Incidental Benefits. Death and other nonretirement benefits payable under the Plan shall be incidental to the primary purpose of the Plan. Thus, distributions to the Participant under the Plan shall be in sufficient amounts so that the relationship of a Participant's total benefits under the Plan to the deferred compensation payable to the Participant under the Plan is such that the primary purpose of the Plan is to provide deferred compensation to the Participant, all as required by Code section 401(a)(9)(G) and the Treasury regulations promulgated thereunder. 17