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

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6.4. If a P rticipant dies before his Retirement Date, a single payment equal to the total value of his account or accounts held by the Funding Agent shall a paid to his beneficiary. The Participant or, if the Participant has not previously done so, the Participant's beneficiary within 2 years following the death of the Participant, may elect that, in lieu of a single payment, the Participant's account or accounts will be applied to purchase an annuity for the beneficiary. The an uity selected may be any of the forms described in Section 6.3 except form ( ), Joint and Survivor Annuity. The commencement date of such annuity may be deferred to a date not later than the 65th anniversary of the beneficiary's date of birth. If an election to purchase an annuity is not made by the benefi iary within 2 years following the death of the Participant, a single paymen with respect to such Participant's account or accounts will be paid t the beneficiary at the end of such 2 year period. 6.5. If the Participant terminates his employment with the Employer before his Retireilent Date and after he has fulfilled the vesting requirements specified in Iten 7 of the Specifications Supplement, an amount equal to his account or acc ants held by the Funding Agent shall be applied on his Retirement Date t3 purchase an annuity for him. In lieu of receiving an annuity, the Participant may, before his Retirement Date, request the Funding Agent to make a payment with respect to his account or accounts to him in one sum; provided, however, that such request may not be made (i) with respect to the portion of his account or accounts attributable to Employer contributions after the first to occur of his 55th birthday and the date he completes 20 years Df participation in the Plan, and (ii) with respect to the portion of his account or accounts attributable to his own contributions after the attain ent of his 60th birthday. 6.6. If a Participant terminates his employment with the Employer before he has fulfilled the vesting requirements specified in Item 7 of the Specifications Supple ent, then, unless he is immediately thereafter employed by another Employer participating in this Plan, he shall forfeit the portion of the account or accounts held for him by the Funding Agent arising from contributions made f r him by the Employer in accordance with this Plan for which he has not fulfilled the vesting requirements. Any such forfeited amounts will be considered a credit to the Employer and will be used as an offset to future Employer contributions under this Plan. ARTICLE VII GENERAL PROVISIONS 7.1. No amount payable under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge or seizure; and no such amount shall be in manner liable for or subject to debts, contracts, liabilities, engagements or torts of the person entitled thereto. 7.2. The adoption of the Plan shall not be deemed to be a contract between the Employer and any Employee. Nothing contained in the Plan shall be deemed to give any Employee the right to be retained in the employ of the Employer or to interfere with the managerial prerogatives and decisions of the Employer. 7.3. 7.4. All ri hts which may accrue to any person under the Plan shall be subject to all the terms of the Plan and the National Association for Community Develo ment Plan Trust. A Par icipant may designate a beneficiary to receive any death benefit under the Plan by filing with the Funding Agent a written designation identifying M