Freddie Mac 2014 Annual Report Download - page 309

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following shall be deemed to have been designated by the Participant, in the following
order of priority: (i) the Participant’s Spouse, if surviving, or, if not, (ii) equally to any
surviving children of the Participant, or, if none, (iii) to the Participant’s estate or duly
authorized personal representative.
5.3 Total and Permanent Disability. Except as provided in Section 5.4, if a
Participant experiences a Total and Permanent Disability (either prior to or after the Participant’s
Termination of Employment), which qualifies as a “disability” under Code section 409A, the
balance of the Participant’s Account shall be paid to the Participant in the form of a lump sum
payment within 90 days following the Participant’s Total and Permanent Disability, without
additional Deemed Earnings accruing after date of the Participant’s Total and Permanent
Disability.
5.4 Payment of Benefits – Special Rules for 2014. Notwithstanding anything to the
contrary, if a Participant experiences a Total and Permanent Disability in 2014, and the
Participant is entitled to a distribution under the Plan upon such Total and Permanent Disability,
the Participant’s Account balance will be paid in 2015 (and not 2014 as may otherwise be the
case).
5.5 No Right to Elect Deferrals; No Borrowing; No Hardship Withdrawals. Neither a
Participant nor a Beneficiary may elect to defer (or accelerate) payment of any benefit provided
hereunder beyond (or before) the time of payment specified in this Article. A Participant may
not borrow from any amounts accrued on the Participant’s behalf under this Plan. No hardship
withdrawals shall be permitted under the Plan.
5.6 Permissible Accelerations and Delays. The Corporation reserves the right,
exercisable in its sole discretion, to accelerate payments under this Plan to the extent permitted
by, and in accordance with, Treasury Regulation §1.409A-3(j)(4). In addition, the Corporation
reserves the right, exercisable in its sole discretion, to delay payments under this Plan to the
extent permitted by, and in accordance with, Treasury Regulation §1.409A-2(b)(7).
ARTICLE VI
Administration
6.1 Administrator. The Plan shall be administered by the Administrator. The
Administrator shall be vested with full authority to make, administer, and interpret such rules and
regulations, as it deems necessary to administer the Plan. Any determination, decision, or action
of the Administrator in connection with the construction, interpretation, administration, or
application of the Plan shall be final, conclusive, and binding upon all Participants and any and
all persons claiming under or through any Participant. The Administrator shall have the
authority to:
(a) Employ agents to perform services on behalf of the Administrator and to
authorize the payment of reasonable compensation for the performance of such services;
and