Pension Plan Document PDF (258 KB) Amendments: I  II  III  IV  V VI VII VIII IX X XI XII XIII XIV XV XVI XVII XVIII XIX XX XXI

    

Article IV, Section 11   see Amendment II

Section 11. Small Amounts.

1. If the lump sum actuarial value of the retirement benefit payable to a Participant in accordance with this Article IV at his Annuity Starting Date is $5,000 or less, the Plan shall pay such Participant such lump sum in lieu of all other benefits under this Plan.
   
   
2. With respect to Annuity Starting Dates occurring prior to January 1, 2000, the amount of the lump sum payment under this Section shall be determined on the basis of the 1971 Group Annuity Mortality Table blended 80% male and 20% female. The interest assumption shall be equal to the rate promulgated by the Pension Benefit Guaranty Corporation, effective as of January 1 of the year in which the payment is due to be made, for the valuation of annuities.
   
   
3. With respect to Annuity Starting Dates occurring on and after January 1, 2000, the amount of the lump sum payment under this Section shall be determined on the basis of the “applicable interest rate” and “applicable mortality table.” The “applicable interest rate” shall be the annual interest rate on 30-year treasury securities as specified by the Internal Revenue Service for October of the year preceding the Plan Year which contains the Annuity Starting Date in question. The “applicable mortality table” shall be the mortality table specified by the Internal Revenue Service for purposes of Code Section 417(e)(3) which, until modified or superseded, is the table set forth in Revenue Ruling 95-6.