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SECTION 3 - DISTRIBUTIONS <br />3.1 GENERAL DISTRIBUTIONS. Subject to the terms of the Plan, We will make <br />Distributions for Benefit payments from an investment vehicle(s) under this Agreement. <br />We will apply to these Distributions any limitations described in the Base Agreement or <br />in the applicable Investment Addendum under this Agreement. We will make <br />Distributions in the following manner: <br />(A) TRUSTEE. If the Plan has a trustee, the trustee may, but is not <br />required to, receive all cash payments for further distribution. <br />(B) AMOUNT. A Distribution may be an amount up to and including the <br />value of Plan assets in the investment vehicle(s) on the valuation date. <br />The applicable Investment Addendum specifies the valuation date. <br />(C) FORM. Subject to the terms of the Plan, and as instructed by You, We <br />will make Distributions in one or a combination of the following forms: <br />(a) Any type of annuity that We agree in writing to provide, <br />in accordance with the provisions of Section 7; <br />(b) Single sum cash payment; or <br />(c) A series of cash payments over a period of time. <br />Subject to the terms of the Plan, if the Participant's account balance <br />does not exceed $5000, We will make any Distribution in the form of a <br />single sum cash payment. <br />While an annuity is available as a form of Distribution, We will not <br />require You to purchase an annuity under this Agreement. <br />3.2 DISTRIBUTIONS UPON DEATH. If a Participant dies prior to distribution of his <br />interest in the Plan, You will approve the amount of the death benefit and advise Us of <br />the following: <br />(A) the designated beneficiary(ies); and <br />(B) the form of benefit to be paid in accordance with the provisions of the <br />Plan and applicable law. <br />3.3 DEFERRED PAYMENTS. In the event of severe adverse economic conditions, We may <br />defer a Distribution under this Section in accordance with the terms of the applicable <br />Investment Addendum. We will only defer the Distribution for a maximum period of six <br />(6) months from the original distribution date. We will defer the Distribution to a date <br />that is less than six (6) months if We determine that the period of severe adverse <br />economic conditions has ended. We will only defer the payment within the time <br />GA -2020 -IA -0805 <br />25D-45 <br />City of Santa Ana - Investment Agreement (specimen).doc <br />