APS 2015 Annual Report Download - page 227

(1) Time for Commencement. A participant may elect the time for commencement of payment of benefits
described in Sections 4(a)(1) and 4(a)(2)(i) on or before the later of December 31, 2008 or the day before the Committee designates
the individual as a participant in this Plan. Any such election shall be irrevocable except as provided in Section 5(e). A participant
desiring to make the election described in the preceding sentence may elect to receive his or her benefits described in Sections 4(a)(1)
or 4(a)(2)(i) upon the later of separation from service or a specified age after age 55 (age 54 for an individual who has severed from
employment before 2009 and, as a result of such severance, has received an additional year of age and service under the Retirement
Plan and has therefore become entitled to receive Traditional Benefits under the Retirement Plan at age 54) and on or before age 65.
Such election of a commencement age before age 65 will be effective only if the participant has ten Years of Service upon his or her
separation from service. In the absence of such an election, the participant’s benefits described in Section 4(a)(1) or 4(a)(2)(i) will
commence as follows: (i) upon separation from service if at the time of such separation from service he or she has either attained age
sixty-five (65) or has both attained age fifty-five (55) and completed ten (10) Years of Service; or (ii) age sixty-five (65) if at the time
of such separation from service he or she has neither attained age sixty-five (65) nor both attained age fifty-five (55) and completed
ten (10) Years of Service. Such benefits shall be unreduced if they commence on or after the date on which the participant attains the
age of sixty-five (65) years or attains the age of sixty (60) years and is credited with at least twenty (20) Years of Service. If benefits
commence earlier than as provided in the preceding sentence, the portion of his or her benefit calculated in accordance with Section
4(a)(1) or 4(a)(2)(i) shall be reduced by three percent (3%) for each year (or part thereof) by which the participant’s retirement age
precedes the date on which he or she would have attained the age of sixty (60) years if he or she is credited with at least twenty (20)
Years of Service or the date on which he or she would have attained the age of sixty-five (65) years if credited with less than twenty
(20) Years of Service.
(2) Form of Payment. This section governs the election of the form of payment of benefits described in Sections
4(a)(1) and 4(a)(2)(i). A participant may elect to receive such benefits in the form of a life annuity or any joint and survivor annuity
form (with the participant’s spouse as joint annuitant) permitted under the Retirement Plan. In addition, a participant who commences
benefits after 2007 shall have a five-year installment option with respect to any benefits payable after 2008 under Sections 4(a)(1) or
4(a)(2)(i). However, a participant must elect the five-year installment form of benefit on or before the later of December 31, 2008 or
the day before the Committee designates the individual as a participant in this Plan. If a participant has not elected the five-year
installment form of benefit as provided in the preceding sentence, then the participant may elect an annuity form of payment at any
time up until the date payments are scheduled to commence. Except as provided in the preceding sentence or in Section 5(e), any
such election of the form of payment shall be irrevocable. In the absence of an election regarding the form of payment, benefits
payable to a single participant under Section 4(a)(1) or Section 4(a)(2)(i) shall be payable as a life annuity and to a married participant
as a monthly payment to the participant for his or her life equal to the amount determined under Section 4(a)(1) or Section 4(a)(2)(i)
and upon his or her death, shall provide monthly payments to the participant’s spouse for life equal to one hundred percent (100%) of
the monthly payment being received by the participant at the time of his or her death. A participant may not elect to receive
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