Amendment to General Dynamics Corporation Supplemental Savings Plan Regarding Domestic Relations Orders

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment to the General Dynamics Corporation Supplemental Savings Plan, effective January 5, 2015, clarifies how the company will handle domestic relations orders, such as those related to divorce or child support. It allows the company to divide a participant’s account with an alternate payee if the order clearly specifies how to do so and does not require benefits beyond what the plan provides. The company may also make payments to the alternate payee as soon as the order allows, and may establish rules for administering such orders similar to those for qualified plans.

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EX-10.16 2 ex1016-20141231.htm EXHIBIT 10.16 Ex 10.16-2014.12.31



Exhibit 10.16


AMENDMENT TO THE GENERAL DYNAMICS CORPORATION
SUPPLEMENTAL SAVINGS PLAN


Pursuant to the provisions of Section 8.1 of the General Dynamics Corporation Supplemental Savings Plan (the “Plan”), the Plan shall be amended as follows:

1.
Effective January 5, 2015, Section 7.3 of the Plan shall be amended by adding a new second paragraph as follows:

“The preceding paragraph shall not apply to any domestic relations order as defined in Code Section 414(p)(1)(B). If a domestic relations order is submitted to the Company that is intended to divide a Participant’s Account between the Participant and an alternate payee, such order shall be applied by the Company if it clearly specifies the manner for determining the alternate payee’s share of the Participant’s Account and it does not require the Company to provide to the alternate payee a benefit that is not otherwise provided or available under the Plan. The Company may make payments to an alternate payee on the earliest date specified in the domestic relations order, without regard to whether such payment is made prior to the earliest date that the Participant could receive payments pursuant to the Plan. The Company may adopt rules, policies and procedures regarding the administration of domestic relations orders similar to those rules, policies and procedures used for applicable Qualified Plans.”