ADP 2008 Annual Report Download - page 95

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(d) Survivor Benefit Elections for Newly Eligible Participants. Within 30 days following the date on which a Participant first becomes
eligible to participate in the Plan, the Participant may make an irrevocable election to waive the surviving spouse benefit provided under
Section 7.2 and instead elect the survivor benefit provided under Section 7.3. If no such election has been made by the 30th day following the
date on which the Participant first becomes eligible to participate in the Plan and such Participant dies prior to commencing payment of his
vested benefit under the Plan, only a surviving spouse benefit shall be payable under Section 7.2 in respect of the Participant’ s vested Plan
benefit.
The waiver and election provided under this Section 7.1 must be made by the Participant in accordance with procedures adopted by the
Committee.
7.2 Surviving Spouse Benefit. The surviving spouse of a deceased Participant who otherwise meets the conditions set forth in Section 7.1
shall be entitled to receive a surviving spouse benefit under the Plan determined as of the date of the deceased Participant’ s death. This
surviving spouse benefit shall be payable monthly as a straight life annuity benefit and shall be calculated based on 50% of the Participant’ s
Annual Plan Benefit, actuarially adjusted for the 50% joint and survivor annuity form of payment and further reduced in accordance with
Section 3.3(b) for payment prior to the Participant’ s Normal Retirement Date. Payment of the surviving spouse benefit shall commence on the
later of (i) the date the Participant would have attained age 60 had the Participant survived until such age or (ii) the date of the Participant’ s
death.
7.3 Survivor Benefit. If elected pursuant to 7.1 herein, the beneficiary of a deceased Participant who meets the conditions set forth in
Section 7.1 shall be entitled to receive a survivor benefit that is actuarially equivalent to the surviving spouse benefit described in Section 7.2,
determined as of the date of the deceased Participant’ s death. This survivor benefit shall be payable in monthly installments for exactly 120
months and shall be calculated based on 50% of the Participant’ s Annual Plan Benefit, actuarially adjusted for the guaranteed 120 month
installment form of payment and further reduced in accordance with Section 3.3(b) for payment prior to the Participant’ s Normal Retirement
Date. Payment of the survivor benefit shall commence on the later of (i) the date the participant would have attained age 60 had the Participant
survived until such age or (ii) the date of the Participant’ s death. For purposes of this Section 7.3, a Participant may designate his spouse,
children, domestic partner, or a trust for the benefit of the Participant’ s spouse, children, or domestic partner, whichever the case may be, as a
beneficiary entitled to receipt of the benefit provided hereunder.
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