BB&T 2015 Annual Report Download - page 250

Committee as provided in Section 5.2.3. If the Participant fails to elect one of these options, fails to make a timely election, or
fails to make consistent elections for all deferrals, Option 1 will be deemed to have been elected by the Participant.
(b ) Specified Employees. Notwithstanding any other provision of the Plan to the contrary, in the event that a
Participant is a Specified Employee at the time of his Separation from Service, to the extent that payment of his vested Accrued
Benefit would constitute “nonqualified deferred compensation” within the meaning of Section 409A, any Accrued Benefit
payable during the six-month period following such Separation from Service shall be paid during the 30-day period
commencing with the first day of the seventh month following the month of the Participant’s Separation from Service;
provided, however, that if such 30-day period begins in one calendar year and ends in another, the Participant shall not have
the right to designate the taxable year of payment.
5.2.3 Timing and Duration of Elections.
(a ) Elections for 2005, 2006, 2007, and 2008. On or before December 31, 2008, Participants may make Form
Elections and Timing Elections with respect to their Accrued Benefits for Plan Years 2005, 2006, 2007, and 2008; provided,
however, that:
(i) No amount subject to any such election shall otherwise be payable in the calendar year in which the
election is made;
(ii) Such election shall not cause an amount to be paid in the calendar year of the election that would not
otherwise be payable in such year;
(iii) All Form Elections shall be consistent with each other and all Timing Elections shall be consistent with
each other; and
(iv) Such elections shall continue in effect for future Plan Years unless subsequent elections pursuant to the
provisions of Section 5.2.3(c) are made and become effective.
(b) Initial Distribution Elections. On or before the December 31 that immediately precedes the Plan Year in which he
is first eligible to participate in the Plan, a Participant shall make a Form Election and Timing Election on a distribution election
form approved by the Committee and filed with the Committee in accordance with procedures established by the Committee.
A Participant who is eligible, pursuant to Sections 3.1.1 and/or 3.3.1, to make an election to participate in the Plan on an Entry
Date other than January 1 shall make a Form Election and Timing Election on a distribution election form approved by the
Committee and filed with the Committee within 30 days of becoming first eligible to participate in the Plan. Such elections
shall continue in effect for future Plan Years unless subsequent elections pursuant to the provisions of Section 5.2.3(c) are
made and become effective.
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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