Amendment to Speedway SuperAmerica LLC Excess Benefit Plan (2005–2006)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Speedway SuperAmerica LLC Excess Benefit Plan. Effective January 1, 2005, if a participant leaves the company during 2005, their benefit for that year will be canceled and paid out in a lump sum by December 31, 2005. Starting January 1, 2006, if a participant has not chosen a distribution method, their benefit will be paid as a lump sum, and all participants must begin receiving their benefits after leaving the company, following the plan administrator's rules.

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EX-10.32 11 h32018exv10w32.htm SPEEDWAY SUPERAMERICA LLC EXCESS BENEFIT PLAN AMENDMENT exv10w32  

Exhibit 10.32
RECOMMENDATIONS
It is recommended that effective January 1, 2005, the Speedway SuperAmerica LLC Excess Benefit Plan be amended to provide that, in the event a participant separates from service during the 2005 calendar year, the participant’s 2005 benefit accruals will be automatically canceled and distributed in a lump sum on or prior to December 31, 2005.
It is further recommended that effective January 1, 2006, the Speedway SuperAmerica LLC Excess Benefit Plan be amended to provide that:
  •   In the event a participant has not made a distribution election, his or her Excess Retail Sub-Plan Benefit will be distributed as a lump sum; and
 
  •   Participants must commence their Excess Retail Sub-Plan Benefits following separation from service (in accordance with the distribution rules approved by the Plan Administrator) regardless of whether they have commenced benefits under the qualified Retail Sub-Plan.
Reviewed:
         
 
       
 
       
Law
  Date    
 
        
 
       
Tax
  Date    
 
        
Approved:
        
 
        
     /s/ Larry Echelberger                                                                                          
       
 
       
Senior Vice President
  Date