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HomeMy WebLinkAbout2219 vested. At the discretion of the Trustee, who may take into accownt the wishes of such participant, distribution of the amount so vested may be in the form of a lump sum in cash or the same may be uaed to purchase a deferred or currently com- mencinq annuity contract to provide a monthly benefit for such participant for life, or !or the life of the survivor of ~ such participant and his spouse, with or without a period certain~in either case, or partly in cash and partly in the forra of such annuity contract. The existence or nonexistence - of disability, for purposes of the plan, shall be determined on the basis of inedical opinion satisfactory to the trustee and any auch determination made in good faith shall be final and binding on all interested persons. ; 4. Death Benef its. In the event of the death of a participant before retire~.nent his beneficiary shall be entitled to receive the proceeds of any life insurance contract held by the trustee for the ~enefit of such participant to the extent 1 ; payable as a death benefit, or, in the case of a participant ~ ~ ~ for whose benefit the trustee holds an annuity contract, the C ~ ~ amount payable thereunder shall be paid to the beneficiary i designated by auch participant in accordance with any available ~ settlement option which the deceased participant, with the con- sent of the truatee may have elected, or which such benef ic- iary, with the consent of the trustee may elect. In the absence of an effective election by either the participant or his bene- f iciary, the trustee in ita sole discretion, shall have the riqht to elect any available settlen~ent option. I~ no beneficiary ~ designated by a deceased participant shall be livinq at the ~ time of payment of a death benefit, or if no living benefic- iary has been located within six months from the date of the ~ ~ participant's death, the death benefit shall be paid to the ~ participant's apouee if then living, or if there ahall be no such spouse, then in equal parts to the participant's personal - 6 - ~ ~z04 ~?..2~8 cwovcH + w~?RV. ~rroxtrs:s ~r Irw. a~uA1rD~I.1. si.o=mb / _ . ~ . _ . . . _ . - - - . - _ . . I'a- . ~ 4~~ y~ _».,_`~~-^'___.r..-~ . F.~'s"s'~cs"'r;'~ 7~"'~Y°~'+.