THE THIRD MONTH AFTER
SUCH DESIGNATED PAYMENT DATE, PROVIDED THAT THE
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MEMBER IS NOT PERMITTED, DIRECTLY OR INDIRECTLY, TO DESIGNATE THE TAXABLE YEAR
OF PAYMENT.
3.5
CHANGE IN DISTRIBUTION ELECTION FOR
NON-GRANDFATHERED SUPPLEMENTAL BENEFITS.
TO THE EXTENT PERMITTED BY THE
ADMINISTRATOR AND CONSISTENT WITH CODE SECTION 409A AND REGULATIONS THEREUNDER,
A MEMBER MAY ELECT TO CHANGE THE METHOD OR TIME OF DISTRIBUTION OF HIS OR HER
NON-GRANDFATHERED SUPPLEMENTAL RETIREMENT BENEFIT AFTER THE INITIAL DEFERRAL
ELECTION AND BEFORE THE PENSION COMMENCEMENT DATE BY FILING A WRITTEN REQUEST
WITH THE ADMINISTRATOR.
EXCEPT IN THE CASE OF A TRANSITION ELECTION PERMITTED
UNDER SECTION 2.2 ABOVE, SUCH A CHANGE ELECTION SHALL NOT TAKE EFFECT UNTIL AT
LEAST TWELVE MONTHS AFTER THE DATE ON WHICH IT IS MADE AND SHALL BE EFFECTIVE
ONLY IF (A) THE ELECTION IS FILED WITH THE ADMINISTRATOR BEFORE THE MEMBER'S
TERMINATION OF EMPLOYMENT; (B) THE ELECTION DOES NOT ACCELERATE THE TIMING OR
PAYMENT SCHEDULE OF ANY DISTRIBUTION; (C) THE PAYMENT COMMENCEMENT DATE IN THE
CHANGE ELECTION IS NOT LESS THAN FIVE YEARS AFTER THE DATE THE DISTRIBUTION
WOULD OTHERWISE HAVE COMMENCED FOR THE EVENT RESULTING IN TERMINATION OF
EMPLOYMENT WITHOUT REGARD TO SUCH ELECTION, AND NOT LATER THAN FIVE YEARS AFTER
HIS OR HER NORMAL RETIREMENT DATE OR POSTPONED RETIREMENT DATE, AS APPLICABLE;
AND (D) THE ADMINISTRATOR APPROVES SUCH ELECTION.
A MEMBER'S DISTRIBUTION
ELECTION SHALL BECOME IRREVOCABLE UPON THE MEMBER'S TERMINATION OF EMPLOYMENT.
NOTWITHSTANDING THE FOREGOING, A
MEMBER MAY NOT ELECT A DISTRIBUTION DATE LATER
THAN (A) APRIL 1 OF THE CALENDAR YEAR AFTER THE YEAR IN WHICH THE MEMBER ATTAINS
AGE 701⁄2, OR (B) FIVE YEARS AFTER THE MEMBER'S TERMINATION OF EMPLOYMENT, IF
LATER.
3.6
GENERAL CONDITIONS OF PAYMENT.
ALL TERMS AND
CONDITIONS OF THE PRIOR PLAN APPLICABLE TO THE PAYMENT OF SUPPLEMENTAL
RETIREMENT BENEFITS SHALL GOVERN THE PAYMENT OF GRANDFATHERED SUPPLEMENTAL
RETIREMENT BENEFITS, INCLUDING THE SUSPENSION OF BENEFITS PROVISIONS IN
SECTION 3.04 OF THE PRIOR PLAN.
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN
OR AS REQUIRED BY CODE SECTION 409A, ALL TERMS AND CONDITIONS OF THE QUALIFIED
PLAN APPLICABLE TO PAYMENT OF A QUALIFIED PLAN RETIREMENT BENEFIT OR A QUALIFIED
PLAN SURVIVOR BENEFIT SHALL ALSO BE APPLICABLE TO A NON-GRANDFATHERED
SUPPLEMENTAL BENEFIT PAYABLE HEREUNDER.
ANY QUALIFIED PLAN RETIREMENT BENEFIT,
QUALIFIED PLAN SURVIVOR BENEFIT OR OTHER BENEFIT PAYABLE UNDER THE QUALIFIED
PLAN SHALL BE PAID SOLELY IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE
QUALIFIED PLAN, AND NOTHING IN THIS PLAN SHALL OPERATE OR BE CONSTRUED IN ANY
WAY TO MODIFY, AMEND OR AFFECT THE TERMS AND PROVISIONS OF THE QUALIFIED PLAN.
3.7
DEATH AFTER PENSION COMMENCEMENT DATE OF
SUPPLEMENTAL RETIREMENT BENEFITS.
IF A MEMBER DIES AFTER THE DATE THE PENSION
COMMENCEMENT DATE OF SUPPLEMENTAL
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RETIREMENT BENEFITS, THE ONLY DEATH BENEFIT PAYABLE UNDER THE PLAN IN RESPECT OF
SUCH MEMBER SHALL BE THE AMOUNT, IF ANY, PAYABLE UNDER THE FORM OF PAYMENT WHICH
THE PARTICIPANT HAD ELECTED.
3.8
ACCELERATION OF PAYMENT DATE.
NOTWITHSTANDING THE FOREGOING,
THE DISTRIBUTION OF NON-GRANDFATHERED
SUPPLEMENTAL BENEFITS HEREUNDER MAY BE ACCELERATED,