Sallie Mae 2015 Annual Report Download - page 226

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payable under the Plan to or on behalf of such Participant. The Participant’s Beneficiary
shall be treated as the Participant for purposes of the Plan and shall have the authority to
elect the Earnings Crediting Options in the same manner as the Participant. In addition, the
Beneficiary may elect to receive an accelerated distribution, pursuant to Section 11, or an
Emergency Benefit, pursuant to Section 10. However, the Beneficiary shall not be entitled
to change the form and timing of distribution as elected on the Enrollment Agreement.
Notwithstanding any provisions in this Section 9 to the contrary, in the event there
is no designated Beneficiary, or the Beneficiary has predeceased the Participant, the
Participant’s Distribution Option Account shall be distributed to the Participant’s estate in
the form of a lump sum as soon as administratively feasible following the Participant’s death.
Section 9.2. Survivor Benefits Under the Retirement Distribution Option. A Participant
may elect on the Enrollment Agreement the time and manner of payment of his Retirement
Distribution Account in the event he dies prior to the commencement of distributions from
such Retirement Distribution Account pursuant to Section 7.1. The Participant may elect
that his Retirement Distribution Account be paid to his Beneficiary (a) in a lump sum as
soon as practicable following the Participant’s death, or (b) in the form, and at the time, that
the Retirement Distribution Account would have been payable to the Participant. The amount
of any lump sum benefit payable in accordance with this Section shall equal the value of
such Retirement Distribution Account as of the Valuation Date immediately preceding the
date on which such benefit is paid. The amount of any annual installment benefit payable
in accordance with this Section shall equal (a) the value of such Retirement Distribution
Account as of the Valuation Date immediately preceding the date on which such installment
is paid, divided by (b) the number of annual installments remaining to be paid pursuant to
the election of the Participant.
Section 9.3. Survivor Benefits Under the In-Service Distribution Option. A Participant
may elect on the Enrollment Agreement the time and manner of payment of his In-Service
Distribution Account in the event he dies prior to the commencement of distributions from
such In-Service Distribution Account pursuant to Section 7.2. The Participant may elect
that his In-Service Distribution Account be paid to his Beneficiary (a) in a lump sum as soon
as practicable following the Participant’s death, or (b) in the form, and at the time, that the
In-Service Distribution Account would have been payable to the Participant. The amount
of any lump sum benefit payable in accordance with this Section shall equal the value of
such Retirement Distribution Account as of the Valuation Date immediately preceding the
date on which such benefit is paid. The amount of any annual installment benefit payable
in accordance with this Section shall equal (a) the value of such Retirement Distribution
Account as of the Valuation Date immediately preceding the date on which such installment
is paid, divided by (b) the number of annual installments remaining to be paid pursuant to
the election of the Participant.
Section 9.4. Death of Participant After Benefits Have Commenced. In the event a
Participant dies after annual installments from his Distribution Option Account have
commenced, but before the entire balance of such Account has been paid, any remaining