No. 0279 authorizing/adopting an insurance, retirement plan for employees of the Department of Redevelopment, COSB

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5.4. A Partin portion to Empl c advance but not A Parti any por the Emp of the receipt A pant may transfer to of his account in the ►yer contributions by Such transfer will earlier than 15 days ipant may transfer to ion of his account in oye at least 30 days ate specified in such of such notice. the Variable Annuity Account all of anv Fixed Income Annuity Account attributable notifying.the Trustees at least 30 days in be made as of the date specified in such notice, after receipt of such notice. the Fixed Income Annuity Account all or the Variable Annuity Account by notifying in advance. Such transfer will be made as notice, but not earlier than 15 days after If a Participant requests a transfer of a portion of his account in the Variable Annuity Account and if the dollar value of such account after such transfer would be less than $1,000.00, the Participant will be deemed to have requested a transfer of the entire account. Only tw transfers may be made by a Participant, one such transfer being made before is Retirement Date and one being made at his Retirement Date. ARTICLE VI PAYMENT OF PENSIONS AND OTHER BENEFITS 6.1. Each Participant's pension shall commence on his Retirement Date. Subject to the conditions and limitations set forth in this Article VI, the Employer shall notify the Funding Agent in writing of the Retirement Date of each Participant. 6.2. Each Participant's account or accounts shall be applied on his Retirement Date to purchase an annuity on his behalf, as described in Section 6.3. His account in the Fixed Income Annuity Account will be applied to purchase a Fixed Dollar Annuity on his behalf and his account in the Variable Annuity Account will be applied to purchase a Variable Annuity on his behalf. 6.3. A Participant may elect any one of the following forms of annuity. (a) Li le Annuity: the first monthly payment will be made to the Participant on his Retirement Date. Subsequent monthly payments will be made to him ea (h month thereafter throughout his remaining lifetime, terminating with thE last monthly payment before his death. (b) Li le Annuity - Ten Year Certain: the first monthly agreement will be mace to the Participant on his Retirement Date. Subsequent monthly pa ments will be made to him each month thereafter throughout his re aining lifetime, terminating with the last monthly payment before his de th. If the Participant's death occurs before 120 monthly payments ha a been made to him, monthly payments will be continued to his de- si nated beneficiary until 120 monthly payments in all have been made to the Participant and his beneficiary. (c) Jo- Pay mac lit dei or to be nt and Survivor Annuity: the first montly payment will be made to the ticipant on his Retirement Date. Subsequent monthly payments will be e to the Participant each month thereafter throughout his remaining etime, terminating with the last monthly payment before the Participant's th. Following the Participant's death, monthly payments of the same of a lesser amount, as specified in his election, will be continued the Participant's contingent annuitant. The contingent annuitant must named at the time this form is selected. -5-