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(a) The benefit commencement date under the plan is the 60th day following termination of employment unless the participant elects to defer commencement of benefits. A participant's election to defer commencement of benefits must be made on a form prescribed by the administrator and must be filed with the plan office within 60 days after the participant terminates employment. Benefits will be authorized for payment on the benefit commencement date unless a notice of deferral is received.
(b) The filing date of an election to defer commencement of benefits is the day the election form is received by the plan office or, if mailed, the day the form is postmarked.
History: Eff. 4/27/91, Register 118
Authority: AS 39.45.025
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Last modified 7/05/2006