Avis 2008 Annual Report Download - page 232

8.3.4 The reduced Retirement Pension payable to the designated person under this Section 8.3.4 shall be equal to the amount of the
Retirement Pension that would have been payable to such designated person under Section 7.3 if the Member had retired and the payment of his
Retirement Pension had commenced in the month in which his death occurred, computed as if the Member had elected a Joint and Survivor
Annuity Option under Section 7.3 with 50% continued to his Joint Annuitant with the designated person nominated as his Joint Annuitant,
reduced by
1
/ 2 of 1 percent per annum for each year between the date on which the Member’s election became effective and the date of his
death.
8.4. Consent of Spouse . Any election made under Section 8.2 or Section 8.3 by a Member to whom Section 8.1 applies must be
made by the Member in writing during the election period described in Section 8.4.1 and must be consented to by the Member’s spouse in the
manner prescribed in and subject to the rules of Sections 5.2.2 and 5.2.5.
8.4.1 The election period to waive the Qualified Pre-retirement Survivor Annuity shall begin on the first day of the Plan Year in
which the Member attains age 35 and end on the date of the Member’s death. In the event a Member who is eligible for a Vested Benefit
separates from service prior to the beginning of the election period, the election period shall begin on the date of such separation from service.
8.4.2 With regard to the election described in Section 8.4.1, the Committee shall provide each Member within the applicable period
for such Member a written explanation of the Qualified Pre-retirement Survivor Annuity in such terms and in such a manner as would be
comparable to the explanation provided for meeting the requirements of Sections 5.2.2 and 5.2.3 applicable to a Spouse Joint and Survivor
Annuity.
The applicable period for a Member is whichever of the following periods ends last: (i) the period beginning with the first day of the
Plan Year in which the Member attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Member attains
age 35 and (ii) a reasonable period ending after the individual becomes a Member. Notwithstanding the foregoing, notice must be provided
within a reasonable period ending after separation of service in the case of a Member who separates from service before attaining age 35.
For purposes of the preceding paragraph, a reasonable period ending after the event described in (ii) is the end of the two year period
beginning one year prior to the date the event occurs and ending one year after that date. In the case of a Member who separates from service
before the Plan Year in which age 35 is attained, notice shall be provided within the two year period beginning one year prior to separation and
ending one year after separation. If such a Member thereafter returns to employment with the Company, the applicable period for such Member
shall be redetermined.
8.5. Other Death Benefits . If a Member dies at any time on or after his Annuity Starting Date, his benefit (if any is payable) shall be
paid in accordance with the Plan provisions governing the form of payment in effect as of the date of his death. Except as provided in this Article
8, no death benefits shall be provided under the Plan.
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