Sallie Mae 2015 Annual Report Download - page 195

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 shall 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 shall 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. 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
6.01Successors.
(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 shall 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 shall 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 shall be no greater than
the right of any unsecured general creditor of the Corporation.
6.03 Facility of Payment. If it shall 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 therefore, 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 shall be a valid and
complete discharge for the payment.