HomeMy WebLinkAbout2221 ~~ortality, and with respect to whom the trustee in its discretion
~eterr.iines it to be approFriate, a contract provldinq such death
benefit in the event of dQath begore normal retirement, araded by
policy vear, as can be purchased for the same premium which would
have been payable if the participant had been insurable at standard
rates, any such annuity or Rraded death benefit contract to pro-
viue for the purchase of a retire;,ent annuity contract et the
participant's retireraent, upon payment to the insurer of an
additional ar~ount dater:ninable from the terms of the contract, suf-
ficient to orovide the partici.pant with the monthly retirement
benefit to which he is entftled.
(b) The trustee ahall own
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any contract purchased hereunder and at?all have the exclusive
right to exercise all riqhts, privileges, options an3 elections
o~ ownership, inclu3ing tF±e right tQ desi~nate and change the :~es-
ignation of beneficiaries, which latter riqht, however, shall be
exercised only in accordance with the plan. The rorec~oin~ not-
withstandinc~, an insurer shall be fully ~rotected anu entitled ta
rely ~a~on Rny request or direction received by it from the trustee
. 4
4~ith res~ect ta desi7nation of benef_fciary or with respect to any
other right, privile_qe, aption or election exieting under any such
contract.
~ (c) r~o insurer issuing a
contract purchased by the tru~tee hereunder shall for that or any
other rea~on be regardec3 as a party to or obligated in any way
under the plan or this agreement, it being the intent of the parties
that an_~ ~-uch f.nsurer shall be liable only in accordance with the
terms and conditions of. any such contract which it may have issued.
(d) Contracts p~rchased by
*he trustee hereunder shall contain such terrns an~ conditions as
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