PERIOD ENDING ON EACH SEPTEMBER 30, AND WILL BE CONSIDERED SPECIFIED
EMPLOYEES FOR THE 12-MONTH PERIOD BEGINNING ON NEXT FOLLOWING JANUARY 1.
1.20
"SURVIVING SPOUSE" SHALL MEAN AN INDIVIDUAL OF THE OPPOSITE SEX WHO
IS LEGALLY MARRIED TO A PARTICIPANT AT THE TIME OF THE PARTICIPANT'S DEATH AND
WHO SURVIVES THE PARTICIPANT FOR AT LEAST 30 DAYS FOLLOWING THE PARTICIPANT'S
DEATH.
ARTICLE II
BENEFITS
2.1
AMOUNT OF RETIREMENT BENEFIT.
UNLESS PROVIDED OTHERWISE IN AN
APPENDIX TO THE PLAN, THE PARTICIPANT'S RETIREMENT BENEFIT UNDER THIS PLAN SHALL
BE EQUAL TO (I) MINUS (II), WHERE: (I) EQUALS THE PRODUCT OF THE PARTICIPANT'S
MONTHLY CAREER AVERAGE COMPENSATION, MULTIPLIED BY THE PARTICIPANT'S SERVICE
RATIO, MULTIPLIED BY 0.55; AND (II) EQUALS THE SUM OF THE PARTICIPANT'S PACTIV
PENSION PLAN BENEFIT PLUS THE PARTICIPANT'S PACTIV SERP BENEFIT, PLUS THE
PARTICIPANT'S PCA PENSION PLAN BENEFIT.
IF THE NET RETIREMENT BENEFIT PAYABLE
UNDER THIS SECTION 2.1 EQUALS OR IS BELOW ZERO, NO BENEFIT SHALL BE PAYABLE
UNDER THE PLAN.
2.2
VESTING OF RETIREMENT BENEFIT.
THE PARTICIPANT'S RETIREMENT
BENEFIT SHALL BE IMMEDIATELY VESTED.
2.3
COMMENCEMENT OF RETIREMENT BENEFIT DISTRIBUTION.
DISTRIBUTION OF
A PARTICIPANT'S RETIREMENT BENEFIT SHALL COMMENCE UPON THE LATER OF THE
PARTICIPANT'S EMPLOYMENT TERMINATION DATE OR THE ELECTED DISTRIBUTION DATE.
IF
THE PARTICIPANT'S DISTRIBUTION COMMENCES PRIOR TO AGE 62, THE AMOUNT OF THE
RETIREMENT BENEFIT DISTRIBUTIONS SHALL BE REDUCED CONSISTENT WITH THE PROVISIONS
SET FORTH IN THE PCA PENSION PLAN.
3
2.4
DISTRIBUTION RESTRICTIONS.
NO DISTRIBUTION MAY BE MADE PURSUANT
TO THE PLAN IF THE ADMINISTRATOR REASONABLY DETERMINES THAT SUCH DISTRIBUTION
WOULD VIOLATE FEDERAL SECURITIES LAWS OR OTHER APPLICABLE LAW, OR VIOLATE A LOAN
COVENANT OR SIMILAR CONTRACTUAL REQUIREMENT OF THE COMPANY CAUSING MATERIAL HARM
TO THE COMPANY.
IN ANY SUCH CASE, DISTRIBUTION SHALL BE MADE AT THE EARLIEST
DATE AT WHICH THE ADMINISTRATOR DETERMINES SUCH DISTRIBUTION WOULD NOT CAUSE
SUCH A VIOLATION.
IN ADDITION, A DISTRIBUTION MAY NOT BE MADE TO A SPECIFIED
EMPLOYEE UNTIL AT LEAST 6 MONTHS FOLLOWING HIS OR HER EMPLOYMENT TERMINATION
DATE OR SUCH OTHER DATE PERMISSIBLE UNDER SECTION 409A.
ANY MONTHLY
DISTRIBUTIONS THAT CANNOT BE MADE DURING SUCH TIME SHALL BE ACCUMULATED AND
DISTRIBUTED AT THE EARLIEST DATE PERMISSIBLE UNDER SECTION 409A.
2.5
FORM OF DISTRIBUTION.
DISTRIBUTIONS SHALL BE MADE IN THE FORM OF
AN ANNUITY, AS ELECTED BY THE PARTICIPANT IN THE PCA PENSION PLAN FROM AMONG THE
ACTUARIALLY EQUIVALENT ANNUITY OPTIONS THEREUNDER.
IN THE ABSENCE OF A VALID
ELECTION, DISTRIBUTION SHALL BE MADE IN THE FORM OF A SINGLE LIFE ANNUITY OR,
FOR MARRIED PARTICIPANTS, A 50% JOINT AND SURVIVOR ANNUITY.
NOTWITHSTANDING ANY
PROVISION TO THE CONTRARY, IF THE PARTICIPANT'S MONTHLY RETIREMENT BENEFIT IS
ONE THOUSAND DOLLARS ($1,000) OR LESS AT THE TIME DISTRIBUTIONS ARE TO COMMENCE,
SUCH BENEFIT SHALL BE PAID IN THE FORM OF A LUMP SUM.
THE ADMINISTRATOR MAY, IN
ITS DISCRETION, IMPOSE RULES OR LIMITATIONS WITH RESPECT TO ELECTIONS MADE UNDER
THIS SECTION 2.5, AS PERMITTED UNDER SECTION 409A.
2.6
DEATH BENEFIT.
UNLESS PROVIDED OTHERWISE IN AN APPENDIX TO THE
PLAN, IF A PARTICIPANT DIES