Amendment Four to Torchmark Corporation Supplemental Executive Retirement Plan
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Summary
Torchmark Corporation has amended its Supplemental Executive Retirement Plan, effective January 1, 2007, to clarify how service adjustments are applied for participants retiring before age 65. The amendment updates Section 4.2(b) to specify the early retirement reduction factors based on the participant's age at retirement, ranging from 15% at age 55 to 100% at age 65. This ensures the plan's administration aligns with the company's original intent. The amendment was executed by the company's Vice President on July 16, 2010.
EX-10.10 2 gli201910-kexhibit1010.htm EX-10.10 Document
AMENDMENT FOUR
TO THE
TORCHMARK CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Pursuant to Section 9.1 of the Torchmark Corporation Supplemental Executive Retirement Plan as established effective January 1, 2007 (the “Plan”), Torchmark Corporation (the “Company”) hereby amends the Plan to clarify the Company's intentions regarding application of the service adjustment as reflected in the Plan's administration since its inception, effective January 1, 2007, as follows:
Section 4.2(b) is replaced in its entirety and shall read as follows:
(b) If the Participant is under age 65 on his or her date of retirement, (i) multiply this amount by the fraction described in Section 1.1 of the Pension Plan, then (ii) multiply this amount by the early retirement reduction factor shown below:
Age Factor
55 15%
56 30%
57 45%
58 60%
59 75%
60 90%
61 92%
62 94%
63 96%
64 98%
65 100%
Done this the 16th day of July, 2010.
TORCHMARK CORPORATION
By: /s/ Carol A. McCoy
Its: Vice President, Associate Counsel and
Secretary
1846175 v1
