Re-employment Rules for Employees Who Have Taken a Distribution from the Defined Benefit Retirement Plan

For purposes of this policy, a bona fide termination of employment will be considered to have occurred if:

• at least 12 months have elapsed between the date of the individual’s last day of active employment and the date of his/her application for reemployment, and
• an Acknowledgment Form signed by the individual seeking reemployment is on record with Human Resources. The Acknowledgment Form must have been signed no later than one (1) month after the individual elected to receive a distribution under the Plan and must state that:

he/she has not formally or informally requested of any employee or other representative of the Institution that he/she be reemployed by the Institution subsequent to payment of his/her Plan benefit, and

there is no express or implied agreement between any employee or other representative of the Institution and him/her that he/she be reemployed by the Institution subsequent to payment of his/her Plan benefit, and

he/she understands he/she is not eligible for reemployment with the Institution for at least 12 months following payment of his/her Plan benefit unless his/her application for reemployment is approved by the President and Director of the Institution.

Notwithstanding the foregoing, a termination of employment will be considered to be a bona fide termination if the termination of the most recent period of active employment was initiated by the Institution as an involuntary termination, with no expectation of or express or implied agreement for reemployment. In that event, the 12-month standard and the Acknowledgment Form shall not apply.

In certain circumstances, an implied commitment may be avoided by expressly disclaiming one (see Express Disclaimer in Forms below).

A Post-Normal Retirement Age Person may not be considered for employment in regular status unless:

• at least 12 months have elapsed between the date of the individual’s last day of employment in regular status and the date of his/her application or other request for employment in regular status, and
• an Acknowledgment Form signed by the individual seeking employment in regular status is on record with Human Resources. The Acknowledgment Form must have been signed no later than one (1) month after the individual elected to receive a distribution under the Plan and must state that:

he/she has not formally or informally requested of any employee or other representative of the Institution that he/she be employed in regular status by the Institution subsequent to payment of his/her Plan benefit, and

there is no express or implied agreement between any employee or other representative of the Institution and him/her that he/she be employed by the Institution in regular status subsequent to payment of his/her Plan benefit, and

he/she understands he/she is not eligible for employment with the Institution in regular status for at least 12 months following payment of his/her Plan benefit unless his/her application for employment in regular status is approved by the President and Director of the Institution.

Exceptions to the 12-month standards under this Policy, either for Pre-Normal Retirement Age Persons or for Post-Normal Retirement Age Persons, may be made only by the Institution President and Director, or his/her designee. Exceptions may be made only if the President and Director (or his/her designee, if applicable), finds that: (1) circumstances have changed sufficiently since the Member took a distribution from the Retirement Plan such that reemployment or a change in status would not be inconsistent with the purposes of this policy; and (2) the Member acted in good faith when he/she signed the appropriate Acknowledgment Form. Under no circumstances will an exception be made if less than three months have elapsed between the date of the individual’s last day of active employment (or, for Post-Normal Retirement Age Persons, employment in regular status and the date of his/her application for reemployment or, for Post-Normal Retirement Age Persons, transfer to regular status).

Exceptions to the requirement to have signed an Acknowledgment Form within one (1) month after electing to receive a distribution may be made only if the President and Director or his/her designee finds that: (1) an exception would not be inconsistent with the purposes of this policy; and (2) the failure to sign an Acknowledgment Form in a timely manner was not due to the existence of a prohibited express or implied agreement or any effort to avoid the restrictions of this policy.