Sallie Mae 2015 Annual Report Download - page 172

ARTICLE 5
CLAIM FOR BENEFITS UNDER THIS PLAN
5.01 Claims for Benefits under this Plan. A condition precedent to receipt of
severance benefits is the execution of an unaltered release of claims in form and substance
prescribed by the Corporation. If an Eligible Officer believes that an individual should have
been eligible to participate in the Plan or disputes the amount of benefits under the Plan, such
individual may submit a claim for benefits in writing to the Committee within sixty (60) days
after the individual’s termination of employment. If such claim for benefits is wholly or partially
denied, the Committee will within a reasonable period of time, but no later than ninety (90) days
after receipt of the written claim, notify the individual of the denial of the claim. If an extension
of time for processing the claim is required, the Committee may take up to an additional ninety
(90) days, provided that the Committee sends the individual written notice of the extension
before the expiration of the original ninety (90) day period. The notice provided to the individual
will describe why an extension is required and when a decision is expected to be made. If a claim
is wholly or partially denied, the denial notice: (1) will be in writing, (2) will be written in a
manner calculated to be understood by the individual, and (3) will contain (a) the reasons for the
denial, including specific reference to those plan provisions on which the denial is based; (b) a
description of any additional information necessary to complete the claim and an explanation of
why such information is necessary; (c) an explanation of the steps to be taken to appeal the
adverse determination; and (d) a statement of the individual’s right to bring a civil action under
Section 502(a) of ERISA following an adverse decision after appeal. The Committee will have
full discretion consistent with their fiduciary obligations under ERISA to deny or grant a claim in
whole or in part. If notice of denial of a claim is not furnished in accordance with this Section,
the claim will be deemed denied and the claimant will be permitted to exercise his rights to
review pursuant to Section 9.02 and 9.03.
5.02 Right to Request Review of Benefit Denial. Within sixty (60) days of the
individual’s receipt of the written notice of denial of the claim, the individual may file a written
request for a review of the denial of the individual’s claim for benefits. In connection with the
individual’s appeal of the denial of his benefit, the individual may submit comments, records,
documents, or other information supporting the appeal, regardless of whether such information
was considered in the prior benefits decision. Upon request and free of charge, the individual
will be provided reasonable access to and copies of all documents, records and other information
relevant to the claim.
5.03 Disposition of Claim. The Committee will deliver to the individual a written
decision on the claim promptly, but not later than sixty (60) days after the receipt of the
individual’s written request for review, except that if there are special circumstances which
require an extension of time for processing, the sixty (60) day period will be extended to one
hundred and twenty (120) days; provided that the appeal reviewer sends written notice of the
extension before the expiration of the original sixty (60) day period.