APS 2015 Annual Report Download - page 233

(2) For purposes of calculating the present value of a participant’s vested benefits, the Spouse’s Benefit or the
Vested Survivor’s Benefit, the actuarial assumptions incorporated by reference in Section 2.1(c) of the Retirement Plan shall be used,
but in no event shall such present value be less than the present value calculated using the “applicable interest rate” and “applicable
mortality table,” as defined in Section 5.19 of the Retirement Plan.
(g) Reemployment.
For the avoidance of doubt, once benefits under this Plan have commenced, such benefits shall not be suspended as a result of
the participant’s reemployment by the Company or an Affiliate.
ARTICLE 6
PAYMENT OF BENEFITS BEFORE JANUARY 1, 2009
A participant who separates from service before January 1, 2009 and who begins receiving payment of his or her benefits
under the Retirement Plan before January 1, 2009 shall receive benefits under this Plan in the same manner and at the same time as the
participant’s benefits under the Retirement Plan are paid. Notwithstanding the foregoing, a participant who terminated employment
after December 31, 2007 will be entitled to change the form of payments of his or her unpaid benefits as of December 31, 2008 under
this Plan to the five-year installment option by filing a special election on or before December 31, 2008. Such special election shall
only apply to benefits payable after December 31, 2008.
ARTICLE 7
SECTION 409A COMPLIANCE
If a benefit becomes payable under this Plan to a specified employee, payments due within six months following separation
from service shall be delayed and distributed as a single payment on the first day of the seventh month immediately following the
participant’s separation from service, with simple interest added to such payments from the date they otherwise would have been paid
at the crediting rate in effect under the Retirement Plan. The terms “separation from service” and “specified employee” shall have the
meaning set forth in Section 409A of the Code, the regulations thereunder, and the resolution issued by the Board of Directors of the
Company defining such terms, except that a separation from service shall not include separation by reason of death.
This Plan shall be administered in compliance with Section 409A and each provision of the Plan shall be interpreted, to the
extent possible, to comply with Section 409A. Notwithstanding any other provision of this Plan to the contrary, neither the time nor the
schedule of any payment under the Plan may be accelerated or subject to a further deferral except as permitted pursuant to
Section 409A. Each participant remains solely responsible for any adverse tax consequences imposed upon him or her by
Section 409A.
If the Company fails to make any payment in accordance with Article 5, either intentionally or unintentionally, but the payment
is made within the time period specified in Treasury Regulation
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