Common use of Actuarial Present Value Clause in Contracts

Actuarial Present Value. ‌ a. Distributions On or After July 1, 1999 1. For lump sum payments other than pursuant to a Qualified Domestic Relations Order, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rates for 30-year Treasury Securities (the “Applicable Interest Rate”) or such other rate to be determined by regulations of the Pension Benefit Guaranty Corporation. The Applicable Interest Rate shall be determined in the month of May preceding each Plan Year. The mortality assumption shall be based on the 1983 Group Annuity Mortality Table-Unisex (50%Male/50%Female) (the “Applicable Mortality Table”) Effective for distributions with Annuity Starting Dates on or after January 1, 2003, notwithstanding any other Plan provision to the contrary, any reference in the Plan to the applicable mortality table prescribed in Rev. Rul. 95-6 shall be construed as a reference to the mortality table prescribed in Rev. Rul. 2001-62 for all purposes under the Plan. For any distribution with an Annuity Starting Date on or after the effective date of this provision and before the adoption date of this provision, if application of the amendment as of the Annuity Starting Date would have caused a reduction in the amount of any distribution, such reduction is not reflected in any payment made before the adoption date of this provision. However, the amount of any such reduction that is required under Section 415(b)(2)(B) of the Internal Revenue Code must be reflected actuarially over any remaining payments to the Participant. 2. For converting the normal form of benefit to all optional forms of benefits other than pursuant to a Qualified Domestic Relations Order, except lump sum payments, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7.5%. 3. For payments pursuant to a Qualified Domestic Relations Order, where the date of determination is on or after July 1, 1999, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7.5%. 4. For Qualified Domestic Relations Orders and converting the form of benefit to all optional forms of benefits, unless otherwise specified in the Plan, the mortality assumption shall be based on the 1971 Group Annuity Mortality Table weighted as follows: A. for a Participant's benefit, 100% male and 0% female; B. for the benefit of a Participant's Spouse or former Spouse, 0% male and 100% female; C. in any other case, 50% male and 50% female. b. Distributions Prior To July 1, 1999 1. For lump sum payments other than pursuant to a Qualified Domestic Relations Order, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the full set of interest rates prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 2. Notwithstanding subsection 1. above, if the value so calculated under the subsection 1. above exceeds $25,000, the “Actuarial Present Value” of a lump sum benefit shall be determined using 120% of the full set of interest rates prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 3. For converting the normal form of benefit to all optional forms of benefits, other than pursuant to a Qualified Domestic Relations Order, except lump sum payments, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7%. 4. For payments pursuant to a Qualified Domestic Relations Order, where the date of determination is prior to July 1, 1999, the “Actuarial Present Value” of a benefit shall be determined using the immediate interest rate prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 5. For lump sum payments and converting the form of benefit to all optional forms of benefits, unless otherwise specified in the Plan, the mortality assumption shall be based on the 1971 Group Annuity Mortality Table weighted as follows: A. for a Participant's benefit, 100% male and 0% female; B. for the benefit of a Participant's Spouse or former Spouse, 0% male and 100% female; C. in any other case, 50% male and 50% female.

Actuarial Present Value. ‌ a. Distributions On or After July 1, 1999 1. For lump sum payments other than pursuant to a Qualified Domestic Relations Order, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rates for 30-year Treasury Securities (the “Applicable Interest Rate”) or such other rate to be determined by regulations of the Pension Benefit Guaranty Corporation. The Applicable Interest Rate shall be determined in the month of May preceding each Plan Year. The mortality assumption shall be based on the 1983 Group Annuity Mortality Table-Unisex (50%Male/50%Female) (the “Applicable Mortality Table”) Effective for distributions with Annuity Starting Dates on or after January 1, 2003, notwithstanding any other Plan provision to the contrary, any reference in the Plan to the applicable mortality table prescribed in Rev. Rul. 95-6 shall be construed as a reference to the mortality table prescribed in Rev. Rul. 2001-62 for all purposes under the Plan. For any distribution with an Annuity Starting Date on or after the effective date of this provision and before the adoption date of this provision, if application of the amendment as of the Annuity Starting Date would have caused a reduction in the amount of any distribution, such reduction is not reflected in any payment made before the adoption date of this provision. However, the amount of any such reduction that is required under Section 415(b)(2)(B) of the Internal Revenue Code must be reflected actuarially over any remaining payments to the Participant. 2. For converting the normal form of benefit to all optional forms of benefits other than pursuant to a Qualified Domestic Relations Order, except lump sum payments, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7.5%. 3. For payments pursuant to a Qualified Domestic Relations Order, where the date of determination is on or after July 1, 1999, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7.5%. 4. For Qualified Domestic Relations Orders and converting the form of benefit to all optional forms of benefits, unless otherwise specified in the Plan, the mortality assumption shall be based on the 1971 Group Annuity Mortality Table weighted as follows: A. for a Participant's benefit, 100% male and 0% female; B. for the benefit of a Participant's Spouse or former Spouse, 0% male and 100% female; C. in any other case, 50% male and 50% female. b. Distributions Prior To July 1, 1999 1. For lump sum payments other than pursuant to a Qualified Domestic Relations Order, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the full set of interest rates prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 2. Notwithstanding subsection 1. above, if the value so calculated under the subsection 1. above exceeds $25,000, the “Actuarial Present Value” of a lump sum benefit shall be determined using 120% of the full set of interest rates prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 3. For converting the normal form of benefit to all optional forms of benefits, other than pursuant to a Qualified Domestic Relations Order, except lump sum payments, unless otherwise specified in the Plan, the “Actuarial Present Value” of a benefit shall be determined using the interest rate of 7%. 4. For payments pursuant to a Qualified Domestic Relations Order, where the date of determination is prior to July 1, 1999, the “Actuarial Present Value” of a benefit shall be determined using the immediate interest rate prescribed by the Pension Benefit Guaranty Corporation for valuing annuities under single-employer plans that terminate without a Notice of Sufficiency on the first day of the Calendar Year in which the date as of which the benefit is valued occurs. 5. For lump sum payments and converting the form of benefit to all optional forms of benefits, unless otherwise specified in the Plan, the mortality assumption shall be based on the 1971 Group Annuity Mortality Table weighted as follows: A. for a Participant's benefit, 100% male and 0% female; B. for the benefit of a Participant's Spouse or former Spouse, 0% male and 100% female; C. in any other case, 50% male and 50% female.