b. In the event a married Participant duly elects pursuant to Section 5.05a(3) above not to receive his/her benefit in the form of a Contingent Annuity, or if such Participant is not married, in the form of a life annuity, the Participant, pursuant to his/her election, shall direct the Board to distribute, on a date specified by the Participant (which date is in harmony with Section 5.05e below), to the Participant or to the Participant and his/her Contingent Annuitant any amount to which he/she is entitled under the Program in one or more of the following methods determined and limited by rules and regulations of the Board:
(1) a single-life annuity with a period certain. However, such annuity may not be in any form that provides a period over which such payment is to be made which shall extend beyond the Participant's life expectancy.
(2) payments over a period certain in monthly or annual cash installments. The period over which such payment is to be made shall not extend beyond the Participant's life expectancy (or the life expectancy of the Participant and his/her designated Contingent Annuitant).
(3) purchase of or providing an annuity. However, such annuity may not be in any form that will provide for payments over a period extending beyond either the life of the Participant (or the lives of the Participant and his/her designated Contingent Annuitant) or the life expectancy of the Participant (or the life expectancy of the Participant and his/her designated Contingent Annuitant).
(4) one or more annual partial lump-sum payments elected by the Participant in accordance with the rules established by the Board prior to the required beginning date specified in Section 5.05e herein and prior to annuitizing the remaining Employee Account balance in accordance with other provisions of this Section.
(5) one lump-sum payment in cash.
General Conference Webmaster: Susan Brumbaugh
PETS Creator: John Brawn
Petition Text: 21509-FA-NonDis-O
1996 United Methodist General Conference