Article V, Section 5 is amended as follows (New language in bold and italics)
Section 5
(a) The President, Secretary-Treasurer, and Executive Vice President, or any one of them, after having served five years as an Executive Officer of the Federation and either having reached age 65 or having served in any capacity a total of 20 years with any organization affiliated with the Federation, and/or with the Federation, shall, upon leaving office, have the title of President Emeritus or Emerita, Secretary-Treasurer Emeritus or Emerita and Executive Vice President Emeritus or Emerita and shall render such service to the Federation in an advisory and consultative status as is mutually agreed to by the Executive Council and the emeritus or emerita officer.
(b) The President Emeritus or Emerita, Secretary-Treasurer Emeritus or Emerita and Executive Vice President Emeritus or Emerita shall, in consideration of their active service prior to leaving office, be afforded for life a pension, payable weekly, in an annual amount equal to 60 percent of either the highest annual salary received as an Executive Officer or thereafter paid to the corresponding Executive Officer, whichever is greater. If, after attaining eligibility for this pension, such Executive Officer shall die, either before or after receiving such pension, the Officer’s surviving spouse shall be paid an annual annuity for life, payable in weekly installments, of 30 percent of either the highest salary received by such Executive Officer, as an Executive Officer, or thereafter paid to the corresponding Executive Officer, whichever is greater. The Executive Council is authorized and directed to enter into a legal and binding agreement with the President, the Secretary-Treasurer, and the Executive Vice President to make these retirement compensation and annuity benefits payable by the Federation for their intended duration pursuant to the terms and conditions of this Section. The Executive Council is also authorized to provide, after such benefits become non-forfeitable, for (1) the cash-out of a portion of these retirement compensation and annuity benefits (through accelerated payment of the present value thereof) where the officer will be subject to taxes on the value of benefits not yet otherwise payable, and (2) appropriate arrangements, including payment by the Federation, for payment of employment taxes attributable to these retirement compensation and annuity benefits. Notwithstanding the foregoing, the Executive Council is authorized to modify or eliminate the benefits provided in this section.