Amendment to General Dynamics Corporation Supplemental Retirement Plan – Surviving Spouse Death Benefits

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment to the General Dynamics Corporation Supplemental Retirement Plan adds a provision for surviving spouse death benefits. If a participant dies before the plan's determination date, the benefits that would have been paid to the participant will instead be paid to their surviving spouse, provided the spouse is still living at the determination date. The amendment specifies how lump sum payments and other benefits are to be distributed to the surviving spouse.

Read More Arrow
EX-10.24 3 ex1024-20201231.htm EX-10.24 Document

Exhibit 10.24

AMENDMENT TO THE GENERAL DYNAMICS CORPORATION
SUPPLEMENTAL RETIREMENT PLAN
Pursuant to the provisions of Section 6.01 of the General Dynamics Corporation Supplemental Retirement Plan (the “Plan”), the Plan shall be amended as follows:
1.    A new Section 3.12 shall be added as follows:
“3.12    Surviving Spouse Death Benefits. In the event of the Participant’s death prior to the Determination Date, the benefit (other than with respect to Grandfathered Amounts) that would have been payable to the Participant under the Plan if he had survived to the Determination Date shall be paid to the Participant’s surviving spouse, if any, to the extent still living as of such Determination Date, as follows:
(a)Any lump sum payment that would have been payable to the Participant under Section 3.06(a) or 3.09 shall be payable to the surviving spouse.
(b)For any other benefit subject to this Section 3.12, but not subject to Section 3.12(a) a death benefit shall be payable to the surviving spouse equal to 100% of the amount that would have been payable to the Participant if he had survived and elected the 100% Contingent Annuitant Option under Section 3.05(a) or 3.06(b)(1) as of his Determination Date.”