Resolutions 1301 - Laserfiche WebLink

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< -5- . -, . 7"~~ .~~ > . (7) In the event of a Participant's death, termiIiation of services, or retir~ment so as to require payment of benefits under this Plan, the Village may elect to honor a request from the Participant (or in the case of his death, his beneficiary) to substitute the transfer and assignment of any annuity contract or contracts which the Village may have acquired in connection with such Participant's participation in the Plan, to tIle said Participant (or in the case of his death, his beneficiary) provided the Village has actually acquired such annuity contract or contracts. By such action, all obligations to the Village i for the payment of benefits under this Plan to such Participant or beneficiary will cease, terminate and expir~. 7. WITHDRA WALS - For serious financial reasons, a Participant may apply to the Committee for withdrawal from the Plan prior to retirement or other termtnation of the participant's service with the Village. If such application for withdrawal is approved by the Committee, the withdrawal will be effective at the later of the date specified in the Participant's application or the date of approval by the Committee. The Village may elect to honor a request from the Participant to pay the amount of money determined as if the Participant had terminated his service; if such request by the Participant is made and honored by the Village, the Village in its discretion may make payments in a lump sum or in five substantially equal annual installments thereafter. Following withdrawal, the Participant's compensation will be thereupon restored to its prior level. Serious financial reasons shall include the folbwing: bankruptcy or impending bankruptcy, unexpected' and unreimbursed major expenses resulting from illness to person or accident to person or property and other types of ,'unexpected and unreimbursed expenses of a major nature that would not normally be budgetable. Withdrawals for forse~able expenditures normally budgetable such as down payments on a home or purchase of an auto or college expenses will not be permitted. 8. LEAVE OF ABSENCE (a) If a Participant is on an approved leave of absence from the Village with compensation, or on an approved leave of absence without com- pensation for a period of not more than six months, his participation in this Plan will continue. (b) If a Participant is on an approved leave of absence without compensation and such leave of absence continues for more than six months, said Par- ticipant will be deemed to have withdrawn from the Plan as of the end of such six month period. The Village may elect to pay such withdrawn Participant the amount of money determined as if the Participant had terminated his service, said payment to be made in five substantially equal annual installments to commence on the effective date of such withdrawal, or at the sole discretion of the Village in a lump-sum.