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Plan Document Amendments
The Board has voted to amend the Plan Document, and this article serves as your notice of these amendments.
Section 1.03, 5.01 and 5.02 were amended to allow a spousal beneficiary to elect a beneficiary. Allowing a spousal beneficiary to name a beneficiary will remove an obstacle from estate planning.
Section 2.05 was amended to explicitly permit collection of the redemption fees including those that Vanguard is imposing on two of its funds beginning April 1. The $25 fee after 15 exchanges has been eliminated. This restriction is no longer needed given the Board’s more restrictive excessive-exchange trading and market timing policy.
Section 4.09 was amended to eliminate purchased annuities as a payout
option. Purchased annuities are very infrequently chosen because of the
flexibility and attractiveness of the other available Program options.
These changes are effective on June 1, 2006. A complete Plan Document is
available on this web site. Should you have questions about these Plan Document
amendments, please contact an Account Executive at 1-877-644-6457.