The Pre-2005 Plan shall be deemed to constitute a separate plan for purposes of Section 409A.
The only Participants in this Pre-2005 Plan are those Participants who were participants in the Pre-2005 Predecessor Plan and who are listed on a schedule maintained by the Company.
The Company shall pay from its general assets or from the Trust, as the case may be, to each Participant, or to the beneficiary, surviving spouse or joint annuitant of the Participant, a benefit which is equal to the amount of such reduction or enhancement and reduction or enhancement for benefits payable under the Pre-2005 Plan.
A Participant may alternatively elect to receive an immediate distribution, subject to a ten percent (10%) penalty and a suspension from the Plan, of all or a portion of his or her vested Pre-2005 Plan Account pursuant to Section 5.3. Any payment due hereunder from the Trust which is not paid by the Trust for any reason will be paid by the Sponsor from its general assets.
Such payment dates may not be accelerated, except as provided in Sections 5.1, 5.3 or 5.4. A Participant who selects payment or commencement of payment of the designated portion of his or her vested Pre-2005 Plan Account on a fixed date or dates shall receive payment of the designated portion of his or her vested Pre-2005 Plan Account at the earlier of such fixed payment date or dates (as extended, if applicable) or his or her Separation from Service with the Employer.