Sallie Mae 2015 Annual Report Download - page 231

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determination within such sixty (60) day period, the Claimant shall be barred and estopped
from challenging the determination.
(d) Review of Decision
Within sixty (60) days after the Committee’s receipt of a request for review, it will
review the initial determination. After considering all materials presented by the Claimant,
the Committee will render a written opinion, written in a manner calculated to be understood
by the Claimant, setting forth the specific reasons for the decision and containing specific
references to the pertinent provisions of this Agreement on which the decision is based. If
special circumstances require that the sixty (60) day time period be extended, the Committee
will so notify the Claimant and will render the decision as soon as possible, but no later than
one hundred twenty (120) days after receipt of the request for review.
Section 13.3. Designation of Beneficiary. Each Participant may designate a Beneficiary
or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive
any payments which may be made following the Participant’s death. Such designation may
be changed or canceled at any time without the consent of any such Beneficiary. Any such
designation, change or cancellation must be made in a form approved by the Committee
and shall not be effective until received by the Committee, or its designee. If no Beneficiary
has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the
Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more
than one Beneficiary, the interests of such Beneficiaries shall be paid in equal shares, unless
the Participant has specifically designated otherwise.
Section 13.4. Limitation of Participant’s Right. Nothing in this Plan shall be construed as
conferring upon any Participant any right to continue in the employment of the Company,
nor shall it interfere with the rights of the Company to terminate the employment of any
Participant and/or to take any personnel action affecting any Participant without regard to
the effect which such action may have upon such Participant as a recipient or prospective
recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed
salary or other Salary to a Participant for the purposes of computing benefits to which the
Participant may be entitled under any other arrangement established by the Company for
the benefit of its employees.
Section 13.5. No Limitation on Company Actions. Nothing contained in the Plan shall be
construed to prevent the Company from taking any action which is deemed by it to be
appropriate or in its best interest. No Participant, Beneficiary, or other person shall have
any claim against the Company as a result of such action.
Section 13.6. Obligations to Company. If a Participant becomes entitled to a distribution
of benefits under the Plan, and if at such time the Participant has outstanding any debt,
obligation, or other liability representing an amount owing to the Company, then the
Company may offset such amount owed to it against the amount of benefits otherwise
distributable, to the extent permissible under State law. Such determination shall be made
by the Committee.