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ARTICLE IX
LATER RETIREMENT _
IX:1 At the request of the Board and with the Participant's -
consent, a Participant may retire later than his Normal
Retirement Date. In such an event: ~
(a) The single sum actuarial value of such Participant's
ceti_rement annuity a~crued to Normal Retirement Date
shall be determined, set up in a segregated account
by the Trustee, and shall acc~rue interest at a rate
to be determined year to year by the Trustee. The
premiums on any life insurance continued on the
Participant's life under the Plan and Trust shall be
' paid from such segregated account. At no time shall:
the total premiums paid on such life insurance equal
~or exceed SO$ of the total employer contribution to ~
fund his benefits hereunder. ~
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(b) A Participant's deferred retirement date shall be
the tirst day of the month followinq his last day of
~ employment. The amount of annuity of the normal
t~ form to which the pa~ticipant shall be entitled as
of the date retirement benefits commence shall be
~ ' the amount purchasable by the value of his degre-
~ gated account a~d the cash value of any insurance
; continued on such participa~t under the Plan and
~ Trust; provided, however, that with the consent of
~ the Employer, the Participant may elect to receive
such balue and cash value in lieu of said annuity.
~ The provisions oE~Item (k) if Section II:1 of Arti-
~ cle II with respect to a Joint and Survivor Ann~ity
~ shall apply at such Participant's deferred retire-
~ ment date.
~ (c) In the event of the dea~h of such Participant prior
~ to the time payment of his retirement benefits have •
~ commenced, the death benefit to which he shall be :
~ entitled shall be equal to the value of his segre- {
~ gated account, or, in the event any life insurance . ~
K -is continued on the life of such Participant, the ~
~ death benefit to wfiich he shall be entitled shall be ' i
~ equal to the death proceeds of the policy or policies ~
~ on his life plus the value of his segregated account. i
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