Sallie Mae 2015 Annual Report Download - page 173

If the appeal is wholly or partially denied, the denial notice will: (1) be written in a
manner calculated to be understood by the individual, (2) contain references to the specific plan
provision(s) upon which the decision was based; (3) contain a statement that, 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 for benefits; and (4) contain a statement of
the individual’s right to bring a civil action under Section 502(a) of ERISA.
5.04 Exhaustion. An individual must exhaust the Plan’s claims procedures prior to
bringing any claim for benefits under the Plan in a court of competent jurisdiction.
ARTICLE 6
MISCELLANEOUS
6.01 Successors.
(a) Any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Corporation’s
business and/or assets, or all or substantially all of the business and/or assets of a business
segment of the Corporation will be obligated under this Plan in the same manner and to the same
extent as the Corporation would be required to perform it in the absence of a succession.
(b) This Plan and all rights of the Eligible Officer hereunder will inure to the
benefit of, and be enforceable by, the Eligible Officer’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees.
6.02 Creditor Status of Eligible Officers. In the event that any Eligible Officer
acquires a right to receive payments from the Corporation under the Plan, such right will be no
greater than the right of any unsecured general creditor of the Corporation.
6.03 Facility of Payment. If it will be found that (a) an Eligible Officer entitled to
receive any payment under the Plan is physically or mentally incompetent to receive such
payment and to give a valid release therefor, and (b) another person or an institution is then
maintaining or has custody of such Eligible Officer, and no guardian, committee, or other
representative of the estate of such person has been duly appointed by a court of competent
jurisdiction, the payment may be made to such other person or institution referred to in (b)
above, and the release will be a valid and complete discharge for the payment.
6.04 Notice of Address. Each Eligible Officer entitled to benefits under the Plan must
file with the Corporation, in writing, his post office address and each change of post office
address. Any communication, statement or notice addressed to such Eligible Officer at such
address will be deemed sufficient for all purposes of the Plan, and there will be no obligation on
the part of the Corporation to search for or to ascertain the location of such Eligible Officer.