Pension Plan Document PDF (355 KB)

    

Article IV, Section 10

Section 10. Nonassignability.

1. To make it impossible for Participants or Pensioners or Beneficiaries to impair, directly or indirectly, the benefits provided by this Plan, none of the benefits, payments, proceeds or claims of any Participant, Pensioner or Beneficiary shall be subject to any claim of any creditor and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any creditors, or to the jurisdiction of any bankruptcy court or any insolvency proceeding, by operation of law or otherwise, nor shall any such Participant, Pensioner or Beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he may expect to receive, contingently or otherwise, under this Plan, except as permitted by law. If by operation of law, or otherwise, any benefit, payment, proceed or claim of any Participant, Pensioner or Beneficiary would impermissibly devolve to anyone else, then the Directors in their discretion may terminate such interest and apply it to or for the benefit of such person, his spouse, children, or other dependent, or any of them in such manner as the Directors may select.
   
   
2. The provisions of this section shall also apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to a domestic relations order, unless (1) such order is determined to be a qualified domestic relations order, as defined in Section 414(p) of the Code, or (2) the Directors in their discretion determine to treat any domestic relations order entered before January 1, 1985 as a qualified domestic relations order. The Directors shall establish reasonable procedures to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders. In the event a qualified domestic relations order exists with respect to a benefit payable under the Plan, the benefits otherwise payable to a Participant or Beneficiary shall be payable to the alternate payee specified in the qualified domestic relations order.
   
   
3. Benefits that become payable in accordance with a qualified domestic relations order ('QDRO'), as set forth in subsection (b) above, are subject to the following rule. If the date as of which payments to the Alternate Payee are to commence ('Commencement Date') is before the Participant's Annuity Starting Date, the early retirement factors shall be a reduction of 1/2 of 1% for each month by which the Participant (to the extent benefits are paid over the Participant's lifetime) or Alternate Payee (to the extent benefits are paid over the Alternate Payee's lifetime) is younger than age 63 on the Commencement Date.
   
   
4. Notwithstanding subsection (a) above, the Plan may offset against the benefits of a Participant any amount that the Participant is ordered or required to pay under a judgment, order, decree or settlement agreement described in ERISA Section 206(d)(4), subject to the joint and survivor requirements of ERISA Section 206(d)(4)(C) and ERISA Section 206(d)(5), if applicable.