Section 4. Qualified Preretirement Survivor Annuity.

224 | D e f i n e d C o n t r i b u t i o n P l a n L R M P a c k a g e 0 1 / 2 0 2 4

4.1. Unless an optional form of benefit has been selected within the election period pursuant to a qualified election, if a participant dies before the annuity starting date then the participant's vested account balance shall be applied toward the purchase of an annuity for the life of the surviving spouse. The surviving spouse may elect to have such annuity distributed within a reasonable period after the participant's death.

(Note to reviewer: The above provision does not provide for a forfeiture of any portion of the participant's vested interest. However, upon the death of the participant, the plan may provide for a forfeiture if no less than 50 percent of the vested portion of the participant's employer-derived account balance is used to purchase an annuity for the surviving spouse. Alternatively, the plan may provide that no less than 50 percent of the vested account balance will be used to purchase an annuity for the surviving spouse and the remaining portion shall be paid to other beneficiaries of the participant. However, to the extent that less than 100% of the account balance is paid to the surviving spouse, the plan must provide that the amount of the participant's employee-derived account allocated to the surviving spouse will be in the same proportion as the employee-derived account balance is to the total account balance of the participant.)