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2.3 "Actuarial Equivalent"
"Actuarial Equivalent" shall mean, for any benefit which under the terms of
this Pension Plan is an actuarial equivalent of a stated benefit, a benefit
with the same present value as such stated benefit. For purposes of establishing
actuarial equivalence, the following provisions apply:
- If a Participant's retirement benefit is paid to him or her in a Joint and
Survivor Annuity or the Participant elects any of the optional forms of benefits
as provided in Section 6.4, the Actuarial Equivalent shall be determined under
the joint option factors table provided in Section
6.6.
- If the Participant chooses any other form of retirement benefit payment,
the present value shall be determined by discounting all future payments for
interest computed at seven percent (7%) per annum and mortality based upon
UP 1984.
- If the Participant receives a lump sum payment of his or her entire Accrued
Benefit, the present value of the Accrued Benefit shall be determined in accordance
with Section 6.7.
- Notwithstanding any other Plan provisions to the contrary, the applicable
mortality table used for purposes of adjusting the benefit or limitation under
§415(b)(2)(B), (C), or (D) of the Internal Revenue Code as set forth in Section
5.5 of the Plan and the applicable mortality table used for purposes of
satisfying the requirements of §417(e) of the Internal Revenue Code as set
forth in Section 6.7 of the Plan is the table
prescribed in Rev. Rul. 2001-62. This Section shall apply to distributions
with annuity starting dates on or after December 31, 2002.
