282.45 RIGHTS OF TERMINATED EMPLOYEES
If a participant ceases to be an employee except as otherwise provided, his/her interest and rights under this plan shall be limited to those contained in the following sections of this Article.
282.46 REFUND OF ACCUMULATED CONTRIBUTIONS
If a participant whose employment with the employer has been terminated for any reason prior to his/her normal retirement date and he/she is not eligible for a pension under the plan, has not elected to vest his/her benefit and no survivor benefits are payable, such participant or his/her beneficiary shall be entitled to receive a refund of his/her accumulated contributions to the plan plus interest. Upon receipt of such accumulated contributions plus interest, said participant and his/her beneficiary shall not be entitled to any further payments from the plan, excepting any disability benefits, if so entitled.
282.47 VESTED BENEFITS UPON TERMINATION
In lieu of receiving a refund of his/her accumulated contributions, a participant who has completed twelve years of aggregate service with the employer and who ceases to be an employee of the employer for any reason other than death, retirement or total and permanent disability may elect to vest his/her retirement benefits under the plan by filing a written notice of his/her intention to vest with the Plan Administrator within ninety days of the date he/she ceases to be an employee. A participant who exercises such an option shall be eligible, upon attainment of what would have been his/her normal retirement date had he/she continued to be an employee, for a vested retirement benefit equal to his/her accrued benefit, determined as of the date on which he/she terminated employment. If a participant elects to vest his/her benefit but dies prior to the commencement thereof, his/her beneficiary shall be entitled to a refund of the participant’s accumulated contributions plus interest in accordance with the terms of Section 282.46. Upon reaching normal retirement age and said vested retirement benefits going into pay status, a participant shall be entitled to a cost of living adjustment from the date of reaching normal retirement age, in accordance with Section 282.33. If the participant has reached normal retirement age and said vested retirement benefits have gone into pay status, survivor benefits shall be payable in accordance with Sections 282.66 and 282.67. No benefits shall be granted pursuant to this section which are in excess of those permitted by Act 600 of 1956, as amended.
282.48 DIRECT ROLLOVERS
(a) This subsection applies to distributions made on or after December 31, 2001. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee’s election under this section, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution that is equal to at least five hundred ($500.00) paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
(b) This subsection shall apply to distributions made on or after January 1, 2006. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee’s election under this section, if a distribution in excess of one thousand dollars ($1,000) is made and the distribute does not make an election under subsection (a) hereof and does not elect to receive the distribution directly, the Plan Administrator shall make such transfer to an individual retirement plan of a designated trustee or issuer. The Plan Administrator shall notify the distributee in writing, within a reasonable period of time and as otherwise prescribed by law, that the distribution may be transferred to another individual retirement plan.
(c) For purposes of this section, the following definitions shall apply:
(1) “Eligible rollover distribution.”
(A) Any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life or (life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities.
(B) For purposes of the direct rollover provisions in this section of the plan, a portion of the distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such portion may only be paid to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion which is not includible.
(2) “Eligible retirement plan” is a qualified trust described in Code Section 401(a), an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), an annuity contract described in Code Section 403(b), an eligible deferred compensation plan described in Code Section 457(b), which is maintained by a state, political subdivision of a state, and any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan.
(3) “Distributee” includes an employer or former employee. In addition, the employee’s or former employee’s surviving spouse and the employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), are distributees with regard to the interest of the spouse or former spouse.
(4) “Direct rollover” is a payment by the plan to the eligible retirement plan specified by the distributee or the Plan Administrator, if the distributee does not make an election.