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the lump-sum payment option states, in pertinent part, as
follows:
Participants entitled to receive benefits under
Article II, III, IV, or V of this Schedule may apply
for a 51% partial cash payment in accordance with the
following provisions:
1. A Participant may elect to receive in a single
partial cash payment an amount equal to the
present value equivalent of 51% of the monthly
pension benefit that otherwise would be payable
over the Participant’s expected lifetime. The
amount shall be calculated using the factors set
forth in Paragraph 4., below, applied in a uniform
and consistent manner. * * *
2. A married Participant applying for a 51% partial
cash payment must present a written consent by his
spouse to this form of benefit with such consent
notarized.
* * * * * * *
4. a. With respect to payments made on and after
January 1, 2002, the payment shall be
computed on the basis of the following
factors:
(1) the 1983 Group Annuity Mortality Table,
using a blend of 50 percent male and
50 percent female described in Rev. Rul.
95-6 (1995-1 C.B. 80) (or such other
mortality table as may be prescribed by
the Treasury Secretary pursuant to its
authority under Code section 417(e)(3))
* * *; and
(2) the annual interest rate on 30-year
Treasury securities as specified by the
Commissioner of the Internal Revenue
Service for the second calendar month
prior to the calendar quarter that
contains the benefit payment date (or
such other rate as the Secretary of the
Treasury may prescribe by regulation
under section 417(e) of the Code) * * *
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Last modified: May 25, 2011