Amendment to the Alcoa Global Pension Plan (Effective January 1, 2011)
This amendment updates the Alcoa Global Pension Plan to comply with legal requirements. Effective January 1, 2011, all benefit and earning credits become fully vested, and the concept of "Nonforfeitable Circumstances" no longer applies. The amendment also clarifies that certain payments must be made within 90 days of retirement or death, or within 2.5 months after the end of the year in which retirement or death occurs, whichever is later. All other terms of the plan remain unchanged.
Exhibit 10.MM(7)
AMENDMENT TO THE
ALCOA GLOBAL PENSION PLAN
In order to comply with legally required changes, the plan is amended as follows:
1. The definition of “Nonforfeitable Circumstance” is amended by adding the following sentence:
Effective January 1, 2011, all Benefit Credits and Earning Credits become fully vested and the term “Nonforfeitable Circumstances” ceases to apply to the Plan.
2. Section 4.1 is amended by adding the following sentence:
Effective January 1, 2011, the term “as soon as administratively practical” means within the later of: (a) 90 days of Retirement or (b) 2 1/2 months after the year of Retirement.
3. Section 4.3 is amended by adding the following sentence:
Effective January 1, 2011, the term “as soon as administratively practical” means within the later of: (a) 90 days of death or (b) 2 1/2 months after the year of death.
4. In all other respects, the Plan is ratified and confirmed.
