Avis 2008 Annual Report Download - page 224

7.7.2 The amount of the minimum distributions required under this Section 7.7 shall be the minimum amounts required under
Section 401(a)(9) of the Code and the Treasury Regulations issued thereunder based upon the life expectancy of an unmarried Member or the
joint life expectancy of a married Member and his spouse and shall be payable no less frequently than annually. The life expectancies determined
pursuant to this Section 7.7.2 shall not be recalculated. After the initial benefit payment has been made, the amount of the succeeding benefit
payments must be made by the end of each of the next following calendar years. With respect to distributions under the Plan made for calendar
years beginning on or after January 1, 2001, the Plan will apply the minimum distribution requirements of section 401(a)(9) of the Internal
Revenue Code in accordance with the regulations under section 401(a)(9) that were proposed in January 2001, notwithstanding any provision of
the Plan to the contrary. This amendment shall continue in effect until the end of the last calendar year beginning before the effective date of
final regulations under section 401(a)(9) or such other date specified in guidance published by the Internal Revenue Service.
7.7.3 With respect to a Member who is not a 5-percent owner and whose required distribution hereunder does not commence as of
the April 1 following attainment of age 70
1
/ 2 because such Member has not terminated employment with the Company, such Member’s
Retirement Pension shall be actuarially increased to take into account the period after age 70
1
/ 2 during which such Member did not receive a
Retirement Pension. Such actuarial increase shall be the actuarial equivalent of the Member’s Retirement Pension using an interest rate of 8%
and the 1984 UP Mortality Table and shall be determined beginning as of the April 1 following the calendar year in which the Member attains
age 70
1
/ 2 (or January 1, 1997, if the Member attains age 70
1
/ 2 prior to 1996) and ending on the date on which the Member’s Retirement
Pension commences after retirement in an amount sufficient to satisfy the requirements of section 401(a)(9) of the Code. The amount of the
actuarial increase payable as of the end of the period for which such actuarial increase must be made shall not be less than the Actuarial
Equivalent of the Member’s Retirement Pension that would have been payable as of the date the actuarial increases must commence, plus the
Actuarial Equivalent of the additional benefits accrued after that date and reduced by the Actuarial Equivalent of any distributions made after
that date. To the extent permitted under section 411(b)(1)(H) of the Code, the actuarial increase otherwise required under section 401(a)(9)(C)
(iii) of the Code shall reduce the benefit accrual otherwise required under section 411(b)(1)(H) of the Code.
7.7.4 The commencement of Member’s minimum required distribution shall not affect his entitlement to accrue further benefits
under the Plan.
7.7.5 If the Member dies before distribution of his or her interest begins, distribution of the Member’s entire interest shall be
completed by December 31 of the calendar year containing the fifth anniversary of the Member’s death except to the extent that an election is
made to receive distributions in accordance with (a) or (b) below:
(a) if any portion of the Member’s interest is payable to a designated beneficiary, distributions may be made over the life or over a
period certain not greater than the life expectancy of the designated beneficiary commencing on or before December 31 of the calendar year
immediately following the calendar year in which the Member died;
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