Article 32: DEFERMENT OF PAYMENT OR CHOICE OF BENEFIT

(a) The payment to a participant of a withdrawal settlement, or the exercise by a participant of a choice among available benefits, or between a form of benefit involving payment in a lump sum and another form, may be deferred at the participant’s request for a period of 36 months.

(b) A participant who deferred a choice under (a) above shall, if the choice is not made within the period by submitting applicable payment instructions, be deemed to have chosen a deferred retirement benefit if his or her age on separation was less than the normal retirement age.

(c) A participant who makes no deferment of choice of benefit nor submits payment instructions for a period of 36 months after separation shall be deemed to have chosen a deferred retirement benefit if his or her age on separation was less than the normal retirement age.

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