Sallie Mae 2015 Annual Report Download - page 194

(d) designate other persons to render advice with respect to any responsibility or
authority pursuant to the Plan being carried out by it or any of its delegates under the Plan; and
e) employ legal counsel, consultants and agents as it may deem desirable in the
administration of the Plan and rely on the opinion of such counsel.
4.03 Action by Majority. The majority of the members of the Committee in office at the
time will constitute a quorum for the transaction of business. All resolutions or other actions taken
by the Committee will be by the vote of the majority at any meeting or by written instrument signed
by the majority.
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 shall 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) shall be in writing, (2) shall be written in a manner calculated to be understood by the individual,
and (3) shall 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 shall 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 shall be deemed denied and the claimant shall be permitted
to exercise his rights to review pursuant to Section 5.02 and 5.03.
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