(A) Subject to § 33.119 below, any amounts to which a participant whose employment with the employer and all affiliates terminates is entitled to hereunder shall be distributed to him or her or to an individual he or she affirmatively designates as his or her beneficiary in such of the following ways as the participant shall elect, in accordance with administrative procedures established by the Committee:
(1) In a single lump sum representing the full amount distributable at the time of such distribution;
(2) In substantially equal annual installments payable over a period certain which does not extend beyond the life expectancy of the participant or the joint life expectancy of the participant and the individual affirmatively designated by such participant as his or her beneficiary; or
(3) As an annuity purchased from an insurance company providing equal monthly payments over a period certain which does not extend beyond the life expectancy of the participant or the joint life expectancy of the participant and the individual designated by such participant as his or her beneficiary.
(B) If at the time of distribution no such election has been properly made, a participant’s benefits hereunder shall be distributed in a lump sum. In the event amounts are payable in installments pursuant to paragraph (A)(2) above, a participant’s salary deferral contribution account shall continue to share in the net gains and net losses of the investment funds as provided herein. All distributions payable under paragraph (A)(2) above shall be made pro rata from the participant’s interests, if any, in the Fixed Income Fund and the Equity Securities Fund. If, prior to receiving all distributions payable under paragraph (A)(2) above to which he or she is entitled, a participant is re-employed by the employer, no further distributions shall be made to him or her during the period of such re-employment.
(Ord. MET 86-13, passed 5-30-1986)