Benefits Handbook

An Accrued Benefit under the Plan is expected to commence on the first of the month coincident with or next following a participant's 65th birthday. If you delay the commencement of the monthly payments to a later date, it can affect the Present Value of the Accrued Benefit depending on whether or not you are employed.

Once you terminate employment, you can elect to commence your benefit on any first of the month following your termination of employment. However, during the period of employment between your Normal Commencement date and the earlier of your employment termination date or the April 1st following the calendar year in which you attain age 70-1/2, your monthly benefit payments are suspended and when you do eventually commence monthly payments there is no actuarial adjustment to your monthly payment amount to reflect the shorter period over which you are expected to receive payments. If you continue working beyond age 70-1/2, your benefit payments will commence on the April 1st following the calendar year in which you attain age 70-1/2, whether or not you are employed. However, if you have an ORC Benefit and continue to work beyond the calendar year in which you attain age 70-1/2, your ORC Benefit will not commence until you terminate employment. See "Acquired Companies."

If you are a Retired Participant or a Terminated Vested Participant, you may choose to delay the commencement of your benefit until the April 1st following the calendar year in which you attain age 70-1/2. If you delay the commencement of your benefit past your Normal Commencement date, your monthly benefit payment will be actuarially increased to take into account the shorter payment period over which you are expected to receive payments. You can delay commencement of your vested Accrued Benefit by making no election to commence your benefit following your termination of employment.

See "Leave of Absence" for special rules regarding commencing if you become disabled.