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Home My WebLink About2475 investment of the funds credited to such Participant's Account, and his Account shall accordingly be reduced by any such payments. Whole life (d) If the Policy purchased on behalf of an premiums must be Active Participant is ordinary life insur- less than 50$ ance, the aggregate premiums paid for such of contribution Policy shall be less than one-half of the aggregate Employer contributions allocated to the Account of such Participant. Term premium (e) If the Policy purchased on behalf of an Active must be less Participant is term insurance, the aggregate than 25$ of premium paid for such Policy shall be less than contribution one-quarter (~t) of the aqgregate Employer con- tributions allocated to the Account of such - Participant. Policy options 12.03 Upon the retirement of an Active Participant, at retirement the Trustees shall transfer and deliver any Policy held on behalf of such Participant ; to the Participant (with such endorsements ~ as the Trustees may direct); convert such ; Policy to an annuity; or surrender such Policy, ; in which case the cash proceed thereof shall 3 be included as part of the Account of such ; Participant and distributed accordingly. r ~ ~ ~ Options of 12.04 All death benefits payable under any Policy ~ proceeds held on behalf of an Active Participant shall ~ be paid to the Beneficiary designated by such ~ ~ Participant pursuant to Paragraph 3.04 of ~ ARTICLE III. Such benefits may, as the Trustees` ~ shall determine, be paid directly by the in- ~ surance company to the designated Beneficiary ~ in a lump sum; paid to the Trust Fund, in which case the cash proceeds thereof shall be in- ~ ~ cluded as part of the Account of such Parti- ~ cipant and distributed accordingly; or paid ~ under the settlement options contained in any Y such Policy as elected by the Participant, or, ~ in the absence of such election, by the Trustees. =r ~ (25) i V..~^`•E . 9iT ~f3 ~ ~ ~ : _r_-~ 224 f~~~ 2474 _ - = ~ ~ ~ - v _ ~ ~ f~ ~ r ~r,., ~ -~s - - r ~ .a~^t~` ; _ = 5 _ ~,x~~- . ' ,~p•,;,~s Y.,c r ~ r:;. ' . %,^m`~