APS 2015 Annual Report Download - page 229

Section 5(a), (iii) elected to retire and commence benefits under the Plan and the Retirement Plan in the form of a joint and 100%
survivor annuity, and (iv) then died. Benefits payable to the surviving spouse shall commence on the first day of the month following
the participant’s date of death.
Benefits payable to any other participant who is entitled to benefits under Section 4(a)(l) or Section 4(a)(2)(i) who has
terminated employment with the Company and all Affiliates (a “terminated participant”) and dies prior to commencing benefits also
shall be paid in the form of a one hundred percent (100%) survivor annuity. The one hundred percent (100%) survivor annuity payable
to the surviving spouse of a terminated participant shall provide a benefit to the terminated participant’s surviving spouse, for the
spouse’s life, equal to one hundred percent (100%) of the monthly benefit for life that the participant would have received under
Section 4(a)(l) or Section 4(a)(2)(i) had he or she (i) survived to the day on which he or she would first be eligible to commence
benefits under Section 5(a) and (ii) elected to retire and commence benefits under the Plan and the Retirement Plan in the form of a
joint and one hundred percent (100%) survivor annuity commencing on the day determined in accordance with the next sentence. The
one hundred percent (100%) survivor annuity benefits payable to the surviving spouse of a terminated participant shall commence as
follows: (i) upon death if at the time of such death the participant 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 death the participant has neither
attained age sixty-five (65) nor both attained age fifty‑five (55) and completed ten (10) Years of Service.
(c) Officer Retirement Account Balance Benefits Described in Sections 4(a)(2)(ii) and 4(a)(3).
(1) Time and Form of Payment. The participant may elect the form and time of payment of benefits described in
Section 4(a)(2)(ii) or Section 4(a)(3) 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 the next sentence or Section 5(e).
Any election of an annuity form of benefit may be changed to any other actuarially equivalent annuity form of benefit on or before
the date annuity payments are to begin. A participant may elect to receive benefits described in Section 4(a)(2)(ii) or Section 4(a)(3)
at any time permitted under the Retirement Plan. A participant may elect to receive benefits described in Section 4(a)(2)(ii) or Section
4(a)(3) in the form of a lump sum, a life annuity, or in 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. A participant may not elect to receive such benefits in any other
form, such as the ten-year certain form or the Over-and-Under Payment Method. In the absence of an election regarding the form of
benefits, payments shall be made in a lump sum upon separation from service.
(2) Actuarial Adjustments – General Rule. The life annuity form of benefit shall be actuarially equivalent to the
participant’s Retirement Account Balance, using the actuarial factors set forth in the Retirement Plan. The joint and 50% survivor
annuity form shall be fully subsidized (i.e., the amount of the benefit payable for the participant’s life under the joint and 50%
survivor annuity shall be equal to the amount of the benefit payable for the participant’s life
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