Second Amendment to Supplemental Executive Retirement Plan (November 9, 2006)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Supplemental Executive Retirement Plan to specify how lump-sum payments will be calculated if the plan is terminated. If the plan ends and all participants receive lump-sum payouts, the amount will be based on the cost of purchasing an insured annuity from a highly rated insurance company. The benefit paid will be the most valuable option available to each participant, considering early retirement benefits. This ensures fair and secure payouts for all participants if the plan is terminated.

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EX-10.6.2 2 a25296exv10w6w2.htm EXHIBIT 10.6.2 exv10w6w2  

Exhibit 10.6.2
SECOND AMENDEDMENT DATED AS OF NOVEMBER 9, 2006 TO THE
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Effective November 9, 2006, the Supplemental Executive Retirement Plan Article IX is amended by adding the following paragraph to Section 9.1:
    “Not withstanding any other provisions of the plan to the contrary, in the event that the plan is terminated and benefits are paid out to all participants in a lump-sum, the Committee shall base the lump-sum payments on the single premium purchase price for an insured annuity for the termination benefit. The termination benefit shall be equal to the benefit which has the greatest value to the participant taking into account the potential early retirement benefit available under the Plan. The single premium shall be based on commercial annuities available from insurance companies which have a rating of A+ or higher using the A.M. Best Company rating scale.”