Sallie Mae 2015 Annual Report Download - page 212

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12. LIMITATION OF RESPONSIBILITY
12.1. Neither the establishment of the Supplemental Savings Plan, any modifications
thereof, nor the payment of any amounts under the Supplemental Savings Plan will be construed
as giving to any employee or other person any legal or equitable right against the Corporation, the
Board of Directors of the Corporation, the Administrator, or any officer or employee thereof, except
as herein provided.
12.2. Nothing in the Supplemental Savings Plan will confer upon any employee of the
Corporation any right to continued employment, or interfere with the right of the Corporation to
terminate his or her employment at any time, for any reason.
13. CLAIMS FOR BENEFITS UNDER THIS PLAN
13.1. In general, distributions under the Supplemental Savings Plan are automatic and no
claim for benefits need be filed. However, a Participant may submit a claim for benefits under this
Supplemental Savings Plan in writing to the Administrator. If such claim for benefits is wholly or
partially denied, the Administrator will, within a reasonable period of time, but no later than 90
days after receipt of the written claim, notify the Participant of the denial of the claim. Such notice
of denial: (1) will be in writing, (2) will be written in a manner calculated to be understood by the
Participant, and (3) will contain (a) the specific reason or reasons for denial of the claim; (b) a
specific reference to the pertinent Supplemental Savings Plan provisions upon which the denial is
based; (c) a description of any additional material or information necessary for the Participant to
perfect the claim; and (d) an explanation of the Supplemental Savings Plan’s claims review
procedure. This 90-day period may be extended if circumstances require additional time, but in no
event will the extension period be more than 90 days. The Participant will be notified of the extension
before the end of the initial 90-day period.
13.2. Within 60 days of the Participant’s receipt of the written notice of denial of the claim,
or such later time as will be deemed reasonable under the circumstances, or if the claim has not
been granted within a reasonable period of time, the Participant may file a written request with the
Administrator asking that it conduct a full and fair review of the denial of the Participant’s claim
for benefits. Such review may include the holding of a hearing if deemed necessary by the reviewing
party. In connection with the Participant’s appeal of the denial of his benefit, the Participant may
review pertinent documents and may submit issues and comments in writing.
13.3. The Administrator will deliver to the Participant a written decision on the claim
promptly, but not later than 60 days after the receipt of the Participants request for review, except
that if there are special circumstances (such as the need to hold a hearing) which require an extension
of time for processing, the 60-day period will be extended to 120 days. Such decision will: (1) be
written in a manner calculated to be understood by the Participant, (2) include specific reasons for
the decision, and (3) contain specific references to the pertinent Plan provisions upon which the
decision is based.