MEMBER COMMENCING AS SOON AS
PRACTICABLE AFTER THE MEMBER'S SUBSEQUENT TERMINATION OF EMPLOYMENT.
(C)
THE ENTITLEMENT TO A LIFE ANNUITY
(INCLUDING ANY JOINT AND SURVIVOR ANNUITY OR ANNUITY WITH TERM CERTAIN) IS
TREATED AS THE ENTITLEMENT TO A SINGLE PAYMENT FOR PURPOSES OF CODE
SECTION 409A.
TO THE EXTENT PERMITTED UNDER CODE SECTION 409A AND PERMITTED BY
THE ADMINISTRATOR, A MEMBER MAY CHANGE THE FORM OF DISTRIBUTION
FROM ONE TYPE
OF LIFE ANNUITY TO ANOTHER TYPE OF LIFE ANNUITY BEFORE THE PENSION COMMENCEMENT
DATE, PROVIDED THAT THE ANNUITIES ARE ACTUARIALLY EQUIVALENT APPLYING REASONABLE
ACTUARIAL ASSUMPTIONS.
A PAYMENT REQUIRED TO BE MADE UNDER THE PLAN UPON OR AS
SOON AS PRACTICABLE AFTER A DESIGNATED PAYMENT DATE SHALL BE DEEMED TO BE MADE
UPON THE DATE SPECIFIED IF IT IS MADE WITHIN THE SAME TAXABLE YEAR OF THE MEMBER
(I.E., THE CALENDAR YEAR) OR, IF LATER, BY THE 15TH DAY OF THE THIRD MONTH AFTER
SUCH DESIGNATED PAYMENT DATE, PROVIDED THAT THE 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