AMENDMENT TO CINCINNATI BELL MANAGEMENT PENSION PLAN
Exhibit (10)(iii)(A)(17.7)
AMENDMENT TO
CINCINNATI BELL MANAGEMENT PENSION PLAN
The Cincinnati Bell Management Pension Plan (the Plan) is hereby amended, effective as of March 28, 2005 and to reduce the cashout limit of any participants benefit under the Plan (the lump sum amount of such benefit below which such benefit may automatically be cashed out to the participant without his or her consent) and to clarify the Plans provisions used in determining the payment of automatically cashed out benefits, in the following respects.
1. Subsection 7.5.1 of the Plan is amended in its entirety to read as follows.
7.5.1 Notwithstanding any other provision of the Plan to the contrary, if (a) any retirement benefit payable under the Plan to a Participant has a present value of $1,000 or less as of such benefits distribution date and (b) such benefit has not begun to be paid to the Participant prior to March 28, 2005, then such retirement benefit shall be converted to and paid as a single sum cash payment as of such benefits distribution date (with the amount of such payment equal to the present value of such benefit as of such date). For purposes of this Subsection 7.5.1, the distribution date of a Participants retirement benefit under the Plan means the date as of which the single sum payment amount of such benefit is determined by a Plan representative under its administrative processes, which date (a) shall occur on or after the date on which the Participant ceases to be an Employee and no more than 90 days before the first date on which the Plan representative is in a position administratively to have the Plan actually distribute such benefit to the Participant (e.g., after calculating the single sum payment amount of such benefit, confirming the Participants ceasing of Employee status, and meeting all requirements set forth in the other provisions of the Plan as to providing the Participant an opportunity to elect a direct rollover of such benefit to the extent a direct rollover of such benefit is permitted under the Code) and (b) shall in no event occur later than the Participants Required Commencement Date.
2. Section 8.1 of the Plan is amended in its entirety to read as follows.
8.1 Unmarried Participants. If an unmarried Vested Participant dies while an Employee or after ceasing to be an Employee but prior to his benefit commencement date, then, unless waived under the provisions of Section 8.3 below, a death benefit shall be paid to his estate. Such death benefit shall be paid in the form of a single sum cash payment that is made as of such benefits distribution date. The amount of such single sum payment shall be equal to the product produced by multiplying the amount credited to the Participants Cash Balance Account on such date by the Participants vested percentage determined as of the date of his death. For purposes of this Section 8.1, the distribution date of an unmarried Vested Participants estates death benefit under the Plan
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means the date as of which the single sum payment amount of such benefit is determined by a Plan representative under its administrative processes, which date shall occur on or after the date of the Participants death and no more than 90 days before the first date after such death on which the Plan representative is in a position administratively to have the Plan actually distribute such benefit to the estate (e.g., after calculating the single sum payment amount of such benefit and confirming the Participants death).
3. Subsection 8.2.2 of the Plan is amended in its entirety to read as follows.
8.2.2 Notwithstanding the provisions of Subsection 8.2.1 above, if (a) the death benefit payable under this Section 8.2 to the surviving spouse of a Vested Participant has a present value of $5,000 or less as of such benefits distribution date and (b) such benefit has not begun to be paid to the Participants surviving Spouse prior to March 28, 2005, then such death benefit shall be converted to and paid as a single sum cash payment as of such benefits distribution date (with the amount of such payment equal to the present value of such benefit as of such date). For purposes of this Subsection 8.2.2, the present value as of the distribution date of such spouses death benefit shall be equal to the product produced by multiplying (a) the amount credited to the Participants Cash Balance Account as of the distribution date by (b) the Participants vested percentage determined as of the date of his death. For purposes of this Subsection 8.2.3, the distribution date of a Participants surviving spouses death benefit under the Plan means the date as of which the single sum payment amount of such benefit is determined by a Plan representative under its administrative processes, which date shall occur on or after the date of the Participants death and no more than 90 days before the first date after such death on which the Plan representative is in a position administratively to have the Plan actually distribute such benefit to the Participants surviving spouse (e.g., after calculating the single sum payment amount of such benefit, confirming the Participants death, and meeting all requirements set forth in the other provisions of the Plan as to providing the spouse an opportunity to elect a direct rollover of such benefit to the extent a direct rollover of such benefit is permitted under the Code).
[Signature Page for Amendment Is On Following Page]
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IN ORDER TO EFFECT THE FOREGOING CHANGES TO THE PLAN, the Plans sponsor, Cincinnati Bell Inc., has caused its name to be subscribed to this Plan amendment.
CINCINNATI BELL INC. | ||
By: | /s/ Christopher J. Wilson | |
Title: | V.P. & GENERAL COUNSEL | |
Date: | 12/8/2005 |
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