Honeywell 2008 Annual Report Download - page 243

Participant under the Retirement Program and the Supplemental Pension Plan (as applied to the Retirement Program) if all of the
Participant's Credited Service had been earned solely under the Retirement Program in accordance with the form of payment
applicable to the Participant. The monthly Supplemental Benefit shall equal the amount, if any, by which (b) exceeds (a) for the
applicable monthly period.
4.2 Payment and Form of Benefit. The following rules shall be used in determining the time and form of payment for a Participant’s
Supplemental Benefit:
(a) Except as otherwise provided in this Section 4.2, the Actuarial Equivalent value of a Participant’s Supplemental Benefit shall
be paid in a single lump sum payment 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.
(b) A Participant who was provided a payment election for his Supplemental Benefit prior to January 1, 2009 other than a
Participant described in clause (c) 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 Retirement
Program 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.
(c) A Participant who is listed on Schedule A of the Plan shall have his Supplemental Benefit paid or begin to be paid as of the
date indicated on Schedule A 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 Retirement Program 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.
(d) 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 (c)) shall receive his Supplemental Benefit as of July 1,
2009, with the form of payment determined in accordance with clause (1) or (2) as applicable.
(e) A Participant’s Supplemental Benefit shall include an estimate of any Credited 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