Honeywell 2008 Annual Report Download - page 234

(2) A participant who was provided a payment election for his Supplemental Benefit prior to January 1, 2009 other than a participant
described in clause (3) and who elected an annuity as his payment form shall, prior to his benefit commencement date, be entitled to elect from
among the Actuarially Equivalent annuity forms of payment available to the participant under the Pension Plan other than annuity forms with a
level income option. Such payments will begin as of the first day of the month following 105 days after the later of the participant's Separation
from Service Date or Earliest Retirement Date. If a participant fails to elect an annuity payment form by the required date, his Supplemental
Benefit shall be paid in a single life annuity if he is unmarried on his benefit commencement date or in a joint and 50% survivor annuity, with his
opposite sex spouse on his benefit commencement date as his contingent annuitant, if he is married on his benefit commencement date.
(3) A participant who is listed on Schedule B of the Plan shall have his Supplemental Benefits paid or begin to be paid as of the date
indicated on Schedule B in the payment form elected by such participant; provided that a participant who elected an annuity as his payment
form shall, prior to his benefit commencement date, be entitled to elect from among the Actuarially Equivalent annuity forms of payment
available to the participant under the Pension Plan other than annuity forms with a level income option. If a participant fails to elect an annuity
payment form, his Supplemental Benefit shall be paid in a single life annuity if he is unmarried on his benefit commencement date or in a joint
and 50% survivor annuity, with his opposite sex spouse on his benefit commencement date as his contingent annuitant, if he is married on his
benefit commencement date.
(4) A participant who is entitled to disability pension benefits under the Pension Plan that qualify as "ancillary benefits" shall continue to
receive such benefits as required by the Pension Plan as long as the participant satisfies the conditions applicable to such benefits. The
Actuarial Equivalent value of such participant's Supplemental Benefit at retirement shall be paid as of the first day of the month following 105
days after the latest date the ancillary disability pension benefits could be paid, whether or not the ancillary disability pension benefits continue
to be paid to such date. The form of payment shall be determined in accordance with clause (1) or (2) as applicable.
(5) A participant who is entitled to a Supplemental Benefit and whose Separation from Service Date and Earliest Retirement Date both
occurred before July 1, 2009 (other than a participant described in clause (3)) shall receive his Supplemental Benefits as of July 1, 2009, with
the form of payment determined in accordance with clause (1) or (2) as applicable.
(c) A participant’s Supplemental Benefit shall include an estimate of any service or compensation (such as during a severance period or
bridge leave of absence) following the participant’s benefit commencement date that is required to be taken into account in calculating a
participant’s Supplemental Benefit. In no event shall Honeywell be required to recalculate or otherwise true up the Supplemental Benefit
actually paid.