Pension Plan Document PDF (355 KB)

    

Article IV, Section 11

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 may pay such Participant a lump sum in lieu of all other benefits under this Plan, provided the Participant consents to such lump sum distribution.
   
   
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. With respect to Annuity Starting Dates occurring on and after December 31, 2002, 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table specified by the Internal Revenue Service for purposes of Code Section 417(e)(3) which, until modified or superseded, is the table set forth in Revenue Ruling 2001-62.
   
   
4. Except as provided by the Pension Benefit Guaranty Corporation (PBGC) and IRS, with respect to the Annuity Starting Dates occurring on and after January 1, 2008, for purposes of the calculation of the present value of a benefit payment that is subject to Code Section 417(e)(3), the use of the annual rate of interest on 30-year U.S. Treasury securities shall be implemented by instead using the rate of interest determined by 'applicable interest rates' shall refer to the segment rates described by Code Section 417(e) after its amendment by the Pension Protection Act of 2006 (PPA) for October of the year preceding the Plan Year which contains the Annuity Starting Date in question.

With respect to Annuity Starting Dates occurring on and after January 1, 2008, the 'applicable mortality table' shall be the applicable annual mortality table with the meaning of Code Section 417(e)(3)(B), as initially described in Revenue Ruling 2007-67 and Notice 2008-85.