Amendment to Washington Mutual, Inc. Cash Balance Pension Plan Regarding Peoples Security Finance Company Employees

Contract Categories: Human Resources › Retirement Agreements
Summary

Washington Mutual, Inc. amends its Cash Balance Pension Plan to allow employees hired from Peoples Security Finance Company, Inc. as part of an asset acquisition to receive up to one year of service credit for their time worked at Peoples or its affiliates. This amendment ensures these employees are eligible to participate in the pension plan based on their prior service. The change is effective January 1, 2000, and applies to those hired in connection with the acquisition.

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EX-10.13.1 18 v69729ex10-13_1.txt EXHIBIT 10.13.1 1 EXHIBIT 10.13.1 AMENDMENT TO THE WASHINGTON MUTUAL, INC. CASH BALANCE PENSION PLAN THIS AMENDMENT is made to the Washington Mutual, Inc. Cash Balance Pension Plan (the "Plan") by Washington Mutual, Inc. (the "Company") on this ______ day of October, 1999. RECITALS: WHEREAS, the Company, through its subsidiary, Aristar, Inc. ("Aristar"), has agreed to acquire certain assets of Peoples Security Finance Company, Inc. ("Peoples"); and WHEREAS, Peoples employees hired by Aristar in connection with such acquisition generally will be offered participation in employee benefit plans of the Company; and WHEREAS, the Company desires to amend the Plan to provide service credit thereunder for purposes of eligibility to participate in the Plan to employees of an Employer who are former employees of Peoples and who are hired in connection with Aristar's acquisition of assets of Peoples; and WHEREAS, the Company may amend the Plan at any time pursuant to Section 12.1; NOW, THEREFORE, effective January 1, 2000, Section 2.37(b) of the Plan is hereby amended by the addition of new paragraph 5 to read as follows: (5) Employees who were hired by the Company in connection with its purchase of the assets of Peoples Security Finance Company, Inc. ("Peoples") and who were employed by Peoples or one of its affiliates immediately prior to such hire shall be credited with Service for up to one year of service performed with Peoples or its affiliates. IN WITNESS WHEREOF, the undersigned, an authorized officer of the Company, has executed this amendment on the day and year first written above. WASHINGTON MUTUAL, INC. By: -------------------------------- Its: -------------------------------