APS 2015 Annual Report Download - page 231

form of benefit as provided in the preceding sentence, then the participant may elect the annuity form of payment of Traditional
Benefits 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 with respect to Traditional
Benefits, Traditional Benefits payable to a single participant shall be payable as a life annuity and to a married participant in the form
of a joint and 50% survivor annuity with the participant’s spouse as beneficiary.
(2) Time of Payment – Traditional Benefits. The participant may elect the time for payment of Traditional
Benefits 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 Traditional Benefits upon the later of separation from service or a
specified age after age 55 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
Traditional Benefits 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.
(3) Form and Time of Payment – Retirement Account Balance Benefit. A participant may elect the time and
form of payment of his or her benefit which supplements his or her Retirement Account Balance under the Retirement Plan
(“Retirement Account Balance 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. A participant may elect to receive his or her Retirement Account Balance Benefit at any time
and in any form permitted under the Retirement Plan, except for the Over-and-Under Payment Method. In addition, a participant
who commences benefits after 2007 shall have a five-year installment option with respect to any benefits payable after 2008.
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. Any election of a form or time of payment for his or her
Retirement Account Balance Benefit shall be irrevocable except as provided in the next sentence or Section 5(e). If a participant
elects an annuity form of payment for his or her Retirement Account Balance Benefit, such election may be changed to another
actuarially equivalent annuity form available under the Retirement Plan at any time on or before annuity payments are scheduled to
commence. In the absence of an election, his or her Retirement Account Balance Benefit shall be paid in a lump sum upon separation
from service.
(4) Actuarial Adjustments. Alternate payment forms described in this Section 5(d) (other than the five-year
installment form) shall be actuarially equivalent using the assumptions provided under the Retirement Plan. Prior to January 1, 2016,
the five-year installment form shall be actuarially equivalent to the single life annuity for the Traditional Benefit or the lump sum for
the Retirement Account Balance Benefit, but using a discount rate assumption
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