Sallie Mae 2015 Annual Report Download - page 222

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such change may include (a) reallocation of the Participant’s existing Retirement
Distribution Account and In-Service Distribution Accounts among the Earnings Crediting
Options, and/or (b) reallocation of Earnings Crediting Options with respect to amounts to
be credited to the Participant’s Account in the future, as the Participant may elect. Any such
change must be in accordance with the rules and procedures adopted by the Committee.
Section 5.5. Valuation of Accounts. The value of a Participant’s Distribution Option
Account as of any Valuation Date shall equal the amounts theretofore credited to such
Account, including any earnings (positive or negative) deemed to be earned on such Account
in accordance with Section 5.2 through the Valuation Date preceding such date, less the
amounts therefore deducted from such Account.
Section 5.6. Statement of Accounts. The Committee shall provide to each Participant,
not less frequently than annually, a statement in such form as the Committee deems desirable
setting forth the balance standing to the credit of each Participant in each of his Distribution
Option Account.
Section 5.7. Distribution from Accounts. The Participant’s Distribution Option Account
shall be reduced by the amount of payments made by the Company to the Participant or the
Participant’s Beneficiary pursuant to this Plan. Any distribution made to or on behalf of a
Participant from his Distribution Option Account in an amount which is less than the entire
balance of any such Account shall be made pro rata from each of the Earnings Crediting
Options to which such Account is then allocated.
ARTICLE 6. DISTRIBUTION OPTIONS
Section 6.1. Election of Distribution Option. In the first Enrollment Agreement filed with
the Committee, an Eligible Employee shall elect the time and manner of payment pursuant
to which the Eligible Employee’s Distribution Option Account will be paid. The Eligible
Employee may elect that deferrals be paid either in accordance with the Retirement
Distribution Option, or the In-Service Distribution Option. Any deferrals to be paid in
accordance with the Retirement Distribution Option shall be maintained in the Retirement
Distribution Account. Any deferrals to be paid in accordance with the In-Service Distribution
Option shall be maintained in an In-Service Distribution Account, one such In-Service
Distribution Option being established for each Distribution Option Period.
Section 6.2. Retirement Distribution Option. Initial elections as to time and manner of
payment for a Retirement Distribution Account shall be applicable to all amounts in the
Retirement Distribution Account. An election to change the time and manner of payment
of amounts deferred into the Retirement Distribution Account: 1) must delay distribution
of such amount for at least 5 years beyond the original distribution date; 2) must be made
at least 12 months before the original distribution date; and 3) will not be effective until 12
months after the Participant makes the new election. Once a Participant Terminates
Employment, he may change his election with respect to the timing and manner of payment
of his Retirement Distribution Account but only in accordance with the requirements
described in this Section 6.2.