Freddie Mac 2014 Annual Report Download - page 308

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(c) A Participant may change any deemed investment directions in accordance
with the investment direction procedures prescribed by the Administrator.
(d) The Administrator may change the deemed Investment Funds at any time.
In addition, any change in the Investment Funds available under the Transitional Plan shall
automatically result in a corresponding change in the Investment Funds available under this
Plan. Upon any change in the Investment Funds, each Participant shall have the opportunity
to select among such new Investment Funds as are designated by the Administrator. In case
of failure to elect such new Investment Funds, the Participant shall be deemed to have made
an election to invest his or her Account in the investment options then being offered that are
most comparable to the Participant’s old investment options. The decision of comparable
investment options shall be made in the sole discretion of the Administrator.
(e) Notwithstanding anything to the contrary, Deemed Earnings shall cease
accruing for a period of time prior to payment of the Participant’s Account balance under
Article V for administrative purposes related to distributing Plan benefits, as determined by
the Company in its discretion.
4.5 Vesting of Accounts. Each Participant shall be at all times 100% vested in the
amounts credited to such Participant’s Account and Deemed Earnings thereon.
ARTICLE V
Payment of Benefits
5.1 Termination of Employment. Upon a Participant’s Termination of Employment
for any reason other than Death or Total and Permanent Disability, a Participant’s Account shall
be paid in the form of a lump sum within 90 days after the end of the calendar year in which such
Termination of Employment (for reasons other than death or Total and Permanent Disability)
occurs (subject to delay in accordance with Section 8.10, if applicable). As of the date of the
Participant’s Termination of Employment (for reasons other than death or Total and Permanent
Disability) and thereafter, any accrued balance shall be credited or debited with Deemed
Earnings under Section 4.4 using the Default Investment until paid, or such earlier time as
described in Section 4.4(e).
5.2 Death.
(a) In the event of a Participant’s death (either prior to or after the
Participant’s Termination of Employment), the balance of the Participant’s Account shall
be paid to the Participant’s Beneficiary in the form of a lump sum payment within 90
days after the end of the calendar year in which the Participant’s death occurs, without
additional Deemed Earnings accruing after date of the Participant’s death.
(b) All Beneficiary designations shall be on such forms as are specified by
and filed with the Administrator. Any Beneficiary designation made by the Participant in
accordance with this provision may be changed at any time prior to the Participant’s
death by filing with the Administrator a notice of such change on the form provided by
the Administrator. In the event of a Participant’s death, if all Beneficiaries designated by
the Participant are not then living, or if no valid Beneficiary designation is in effect, the