ACCRUED BENEFIT UNDER
THE PLAN IMMEDIATELY FOLLOWING SUCH WITHDRAWAL THE PRESENT VALUE OF WHICH
(DETERMINED USING THE ACTUARIAL EQUIVALENT DEFINITION APPLICABLE TO SMALL
BENEFIT CASHOUTS UNDER SECTION 3.13) IS EQUAL TO $5,000 OR LESS, MAY ELECT TO
RECEIVE AN IMMEDIATE LUMP SUM DISTRIBUTION OF SUCH REMAINING ACCRUED BENEFIT.
SECTION 3.7
STATUTORY JOINT AND SURVIVOR ANNUITY.
(A)
NOTWITHSTANDING ANYTHING IN THE PLAN TO THE CONTRARY, THE BENEFIT,
IF ANY, OF A PARTICIPANT OR FORMER PARTICIPANT COMMENCING ON HIS "ANNUITY
STARTING DATE" (MEANING EITHER THE FIRST DAY OF THE FIRST PERIOD WITH RESPECT TO
WHICH AN AMOUNT IS RECEIVED AS A LIFE ANNUITY; OR IN THE CASE OF A BENEFIT NOT
PAYABLE IN THE FORM OF AN ANNUITY, THE FIRST DAY ON WHICH ALL EVENTS HAVE
OCCURRED WHICH ENTITLE THE PARTICIPANT TO AN ANNUITY) SHALL BE A STATUTORY JOINT
AND SURVIVOR ANNUITY WHICH IS IMMEDIATELY AVAILABLE, AS DESCRIBED IN SUBSECTION,
IF
(I)
HE WAS MARRIED UPON HIS ANNUITY STARTING
DATE,
(II)
HE NOTIFIED THE ADMINISTRATOR IN WRITING
PRIOR TO HIS ANNUITY STARTING DATE THAT HE WAS MARRIED, AND
26
(III)
HE HAS NOT OTHERWISE ELECTED UNDER
SUBSECTION.
(B)
THE JOINT AND SURVIVOR ANNUITY OF A PARTICIPANT OR FORMER
PARTICIPANT SHALL BE A BENEFIT, REDUCED AS PROVIDED IN SUBSECTION, CONSISTING OF
MONTHLY PAYMENTS TO HIM BEGINNING ON HIS ANNUITY STARTING DATE AND ENDING WITH
THE CALENDAR MONTH IN WHICH HIS DEATH OCCURS WITH THE PROVISION THAT, IF HE DIES
AFTER HIS ANNUITY STARTING DATE SURVIVED BY THE SPOUSE TO WHOM HE WAS MARRIED ON
HIS ANNUITY STARTING DATE, SUCH SPOUSE SHALL RECEIVE MONTHLY PAYMENTS OF FIFTY
PERCENT OF SUCH REDUCED BENEFIT BEGINNING ON THE FIRST DAY OF THE CALENDAR MONTH
FOLLOWING THE MONTH IN WHICH THE PARTICIPANT OR FORMER PARTICIPANT DIES.
PAYMENTS TO SUCH PARTICIPANT'S OR FORMER PARTICIPANT'S SPOUSE CONTINUE UNTIL THE
FIRST DAY OF THE CALENDAR MONTH FOLLOWING THE SPOUSE'S DEATH.
FOR THE AVOIDANCE
OF DOUBT, PARTICIPANTS MAY RECEIVE A REDUCED MONTHLY AMOUNT DURING THEIR
LIFETIME AND, AFTER THEIR DEATH, 50%, 66-23%, 75% OR 100% OF THAT AMOUNT WILL BE
PAID TO THE PARTICIPANT'S SPOUSE OR TO ANOTHER NAMED CONTINGENT ANNUITANT.
(C)
THE REDUCED BENEFIT PAYABLE UNDER THIS SECTION TO A PARTICIPANT OR
FORMER PARTICIPANT DURING HIS LIFETIME SHALL BE AT A MONTHLY RATE SUCH THAT HIS
JOINT AND SURVIVOR ANNUITY IS THE ACTUARIAL EQUIVALENT OF HIS DISABILITY, EARLY
OR NORMAL RETIREMENT BENEFIT, AS THE CASE MAY BE.
(D)
A PARTICIPANT OR FORMER PARTICIPANT REFERRED TO IN
SUBSECTION (A) MAY ELECT IN WRITING, IN THE MANNER PRESCRIBED BY THE
ADMINISTRATOR AND WITH THE CONSENT OF SUCH PARTICIPANT'S OR FORMER PARTICIPANT'S
SPOUSE, IF REQUIRED BY THE ADMINISTRATOR, NOT TO RECEIVE A JOINT AND SURVIVOR
ANNUITY (IN WHICH CASE HE SHALL RECEIVE HIS BENEFIT AS OTHERWISE PROVIDED IN THE
PLAN).
SUCH AN ELECTION MUST SATISFY THE REQUIREMENTS OF SECTION 3.14(B).
SUCH
AN ELECTION SHALL BE MADE NOT EARLIER THAN:
(I)
90 DAYS BEFORE THE COMMENCEMENT OF THE
DISTRIBUTION OF ANY PART OF AN ACCRUED BENEFIT UNDER THIS PLAN,
and not later than the