KEENAN ASSOCIATES - Laserfiche WebLink

SECTION 4 - BENEFIT PAYMENTS 4.1 Plan Benefit Payments: You will advise us of any person fbir whom a payment is due under the Plan, including the nature and amount of such payment, before the date such payment is due or as soon thereafter as is practicable. Any withdrawal request under this Section must certify the purpose of the request. Prior to notification of contract termination (but not thereafter), you may direct us to withdraw all or a portion of your Account Value to pay to you a single -sum payment (except as described below) for: (a) Plan benefits for retirement, death, disability, unforeseeable emergencies, or required minimum distribution benefits pursuant to Code §401(a)(9). Such a withdrawal is not subject to a Withdrawal Charge. (b) Plan benefits for termination of employment. Such a withdrawal is not subject to a Withdrawal Charge, with the following exceptions: (1) Any such payment requested for a Participant who terminates employment on or after the date your Plan is terminated is subject to a Withdrawal Charge. (2) Any such payment requested for a Participant whose termination of employment is part of a partial Plan termination under IRS guidelines is subject to a Withdrawal Charge. (3) Even if there is no full or partial Plan termination under paragraphs (1) and (2) above, we reserve the right to apply a Withdrawal Charge to any such termination of employment payments during the Contract Year (or, at our option, during the 365- day period preceding our receipt of a termination of employment benefit payment request) which exceed 20% of your Account Value determined as of the first day of the Contract Year (or the first day of the 365-day period). (4) Any such payment requested for a Participant who terminates employment on or after the date the Plan Sponsor files for protection under federal bankruptcy law, is deemed insolvent, dissolves, closes, or shuts down its business, or ceases operations is subject to a Withdrawal Charge. (c) Plan benefits not otherwise listed in Subsections (a) and (b) above. Such a withdrawal is subject to a Withdrawal Charge. Under Subsections (b)(1), (2), (3), and (4) and (c) above, if the entire Account Value is withdrawn, the amount paid equals the Withdrawal Value minus any charges described in §6. If a portion of the Account Value is withdrawn, the Account Value is reduced by an amount sufficient to make the payment requested and to cover the Withdrawal Charge and any charges described in §6. However, under the exceptions specified in Subsections (b)(1), (2), and (4) above, we reserve the right to pay you the Account Value you request (subject to the Withdrawal Charge and any charges described in §6) in 5 equal annual installments according to the provisions of §8.2(a)(1), except that the term "termination effective date" as used in §8.2(a)(1) shall be replaced by "withdrawal effective date." GB8.OM-KuFIA3121 SpPport (SBR-NR457)