Amendments to Supplemental Executive Retirement Plan (SERP) by Board of Directors
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Summary
This document records amendments to the Supplemental Executive Retirement Plan (SERP) authorized by the Board of Directors. The first amendment freezes participation in the plan as of January 1, 2007, meaning no new employees can join after that date. The second amendment updates the definition of "Actuarial Equivalent" to specify the interest and mortality assumptions used for calculating plan benefits, effective September 30, 2007. These changes clarify eligibility and benefit calculation methods for current participants.
EX-10.6.4 2 a35805exv10w6w4.htm EXHIBIT 10.6.4 exv10w6w4
Exhibit 10.6.4
AMENDMENTS TO
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
1. On September 14, 2007, the Board of Directors authorized the following amendment to Section 3.1 of the Supplemental Executive Retirement Plan (SERP):
(c) Notwithstanding any other provision of the Plan to the contrary, participation in the Plan is frozen effective January 1, 2007, and no employees who are not Participants on January 1, 2007 will become Participants in the Plan after January 1, 2007.
2. On November 8, 2007, the Board of Directors authorized the following amendment to Section 2.1 of the SERP. Section 2.1 of the SERP is amended and restated in its entirety to read a follows:
2.1 Actuarial Equivalent
Actuarial Equivalent means equivalence in value between two (2) or more forms and/or types of payment based on a determination by an actuary chosen by the Company. Effective September 30th, 2007, the interest rate assumption shall be 6% per annum and the mortality assumption shall be the RP 2000 Projected 10 years using Projection Scale AA. These assumptions may be changed from time to time by the Plans actuary with the approval of the Board.