My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2022-202
CBCC
>
Official Documents
>
2020's
>
2022
>
2022-202
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/31/2022 12:05:16 PM
Creation date
10/31/2022 11:56:24 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Plan
Approved Date
10/11/2022
Control Number
2022-202
Agenda Item Number
8.C.
Entity Name
Lincoln Financial Group and Trust Company
Subject
Deferred Compensation Plan and Trust. Effective date September 29, 2022
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
41
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
6.3 Distributions on Account of Participant's Death <br />Upon receipt of satisfactory proof of the Participant's death, the designated Beneficiary may file <br />a request with the Administrator to elect a form of benefit provided under Section 6.5 and made <br />in a manner that meets the requirements of Section 6.6. <br />(a) Death of Participant Before Distributions Begin. If the Participant dies before his or her <br />distributions begin, the designated Beneficiary may elect to have distributions to be made <br />(i) in full within 5 years of the Participant's death (5 -year rule) or (ii) in installments over <br />the designated Beneficiary's "life expectancy" (life expectancy rule). <br />If the designated Beneficiary does not make an election by September 30 of the year <br />following the year of the Participant's death, the Participant's Account Balance will be <br />distributed in a lump sum payment by December 31 of the calendar year containing the <br />fifth anniversary of the Participant's death or if the Participant's spouse is the sole <br />designated Beneficiary by December 31 of the year the Participant would have attained <br />age 70 %z. <br />(b) Death of Participant On or After Date Distributions Begin. If the Participant dies on or <br />after his or her distributions began, the Participant's Account Balance shall be paid to the <br />Beneficiary at least as rapidly as under the payment option used before the Participant's <br />death. <br />For purposes of this Section, a Participant who dies on or after January 1, 2007, while <br />performing qualified military service (as defined in Code Section 414(u)) will be deemed to have <br />resumed employment in accordance with the Participant's reemployment rights under chapter 43 <br />of title 38, United States Code, on the day preceding death and to have terminated employment <br />on the actual date of death for purposes of determining the entitlement of the Participant's <br />survivors to any additional benefits (other than benefit accruals relating to the period of qualified <br />military service) provided under the Plan, in accordance with the provisions of Code Sections <br />401(a)(37), 414(u)(9), and 457(g)(4). <br />6.4 Distribution of Small Account Balances Without Participant's Consent <br />Notwithstanding any other provision of the Plan to the contrary, if the amount of a Participant's <br />or Beneficiary's Account Balance is not in excess of the amount specified below on the date that <br />payments commence under Section 6.2 or on the date the Administrator is notified of the <br />Participant's death, the Administrator may direct payment without the Participant's or <br />Beneficiary's consent as soon as practicable following the Participant's retirement, death, or <br />other Severance from Employment. <br />(a) The Plan does not provide for distribution of small Account Balances without Participant <br />or Beneficiary consent. <br />15 <br />Specimen 457(b) Plan Document <br />Deferred Compensation Plan <br />
The URL can be used to link to this page
Your browser does not support the video tag.